Business
Yukon-Nevada Gold Corp. Announces Completion of Equity Financing for a Total of $15.9 Million
VANCOUVER, May 17, 2012 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchan...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 17, 2012 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) (the \"Company\") announces that, further to its news release dated May 14, 2012, the\n Company has completed a non-brokered private placement of 39.1 million\n units (the \"Units\") at a price of $0.23 per Unit for total proceeds of\n $9.0 Million.\n\n\nEach Unit consists of one common share (a \"Share\") and one share\n purchase warrant (the \"Warrant\").  The Warrant can be exercised to\n purchase one additional common share (a \"Warrant Share\") at a price of\n $0.40 per share within 36 months of closing of the private placement. \n If the closing price of the Company's shares is at or above $0.75 per share for 10 consecutive trading days, the Company may accelerate\n the expiry date of the warrants on giving 30 days' written notice to\n the Warrant holders.\n\n\nIn accordance with securities legislation currently in effect, the\n Shares, the Warrants and the Warrant Shares will be subject to a \"hold\n period\" of four months plus one day from the date of issuance.\n\n\nThe proceeds of the private placement transaction will be used at\n Jerritt Canyon Mine for general working capital purposes.\n\n\nThe Company is also pleased to announce that, subject to acceptance by\n the TSX, it has negotiated the settlement of $6.9 million in current\n accounts payable by the issuance of 22.8 million shares at a deemed\n price of $0.30 per share.\n\n\nRobert Baldock, the President and Chief Executive Officer of the\n Company, states: \"We are pleased to have completed two equity\n transactions in an aggregate amount of $15.9 million in a very\n challenging equity market environment. The executive management of the\n company participated in the private placement in the aggregate amount\n of $375,000, demonstrating our high level of confidence that Jerritt\n Canyon is achieving what the Company set out to accomplish.\"\n\n\nYukon-Nevada Gold Corp. is a North American gold producer in the\n business of discovering, developing and operating gold deposits. The\n Company holds a diverse portfolio of gold, silver, zinc and copper\n properties in the Yukon Territory and British Columbia in Canada and in\n Nevada in the United States. The Company's focus has been on the\n acquisition and development of late stage development a...