Business
Kanadario Gold Announces Closing of $36.9 Million Brokered Private Placement, Escrow Closing of Concurrent Private Placement of $5.7 Million and Change of Directors and Management
VANCOUVER, BC / ACCESSWIRE / November 25, 2020 / Kanadario Gold Inc. (" Kanadario " or the "...
About this update from G Mining Ventures Corp
[{"type":"text","content":"Kanadario Gold Announces Closing of $36.9 Million Brokered Private Placement, Escrow Closing of Concurrent Private Placement of $5.7 Million and Change of Directors and ManagementVANCOUVER, BC / ACCESSWIRE / November 25, 2020 / Kanadario Gold Inc. (\"Kanadario\" or the \"Company\") (TSXV:KANA) is pleased to announce that, further to its news releases dated October 23 and November 23, 2020, it has closed its brokered private placement (the \"Brokered Offering\") through a syndicate of underwriters led by Sprott Capital Partners LP and including BMO Capital Markets (the \"Underwriters\"). In connection with the closing of the Brokered Offering, including the exercise in full by the Underwriters of the Underwriters' option, the Company issued 73,860,000 units (\"Units\"), each comprised of one common share of the Company (a \"Common Share\") and one half of one Common Share purchase warrant of the Company (each whole Warrant, a \"Warrant\"), at a price of $0.50 per Unit for gross proceeds of $36,930,000. Each Warrant will entitle the holder to acquire one additional Common Share at a price of $0.80 for a period of 18 months following the closing of the Brokered Offering; provided that if the volume weighted average closing price of the Common Shares on the TSX Venture Exchange (\"TSXV\") or such other stock exchange on which the Common Shares are trading (the \"Exchange\") is equal to or greater than $1.60 for a period of 10 consecutive trading days, the Company may at its option elect to accelerate the expiry of the Warrants by providing notice to holders of Warrants within 10 calendar days following the end of such 10 consecutive trading day period, in which case the Warrants will expire on the date specified in such notice, which will be not less than 30 calendar days following delivery of such notice. In connection with the Brokered Offering, the Company paid to the Underwriters a cash fee equal to 5.75% of the gross proceeds of the Brokered Offering.In addition, the Company has closed in escrow its previously announced concurrent non-brokered private placement (the \"Non-Brokered Offering\") under which Life of Mine Investments Inc. (\"LOMI\") and related persons will subscribe for 11,340,000 Units for gross proceeds of $5,670,000, which will be issued on the same terms and conditions as those issued pursuant to the Brokered O...