Trillium Gold Mines Closes $13.0 Million Financing
Trillium Gold Mines (TSXV: TGM) has closed its previously announced private placement for gross proceeds of $12.95 million. The company announced the news late Friday night, and subsequently re-filed the news this morning to announce the closing of the placement. Units of the company were sold under three different formats within the placement.
The financing saw 2,263,000 conventional units of the company sold at a price of $1.70 per unit, with each unit containing one common share and one half of a purchase warrant. Each warrant has an exercise price of $2.60 per share, and an expiry of two years. A total of $3,847,100 was raised via the conventional units.
The financing then saw two separate flow through share options sold. The first set of shares sold here are referred to as the flow through shares, with 1,631,600 common shares of the company being sold as qualified flow through shares at a price of $1.90 each. The second option of shares here were referred to as flow through units. Sold at $2.42 per flow through unit, each of these units contains one common share and one half warrant. Each warrant is valid for a period of two years, with an exercise price of $2.60 per share.
Furthermore, a follow-on offering of $200,000 will also take place to enable certain additional shareholders to be able to participate in the financing. The follow-on offering is to be priced at $1.70 per unit, with each unit being the same as the conventional units outlined above.
Net proceeds from the financing are to be used to advance the firms exploration projects in Red Lake, along with general working capital purposes.
Trillium Gold Mines last traded at $1.72 on the TSX Venture.
Information for this briefing was found via Sedar and Trillium Gold Mines. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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