CBR Gold Corp Closes $2.3M Private Placementadmin
December 13, 2009 Filed Under: Mining Investment, Mining Stocks
CBR Gold Corp. announced that it has closed a non-brokered private placement of 4,597,000 units of the Corporation (each a “Unit”) at a price of $0.50 per Unit for gross proceeds of $2,298,500. Each Unit consisted of one common share of CBR (”Common Share”) and one non-transferable share purchase warrant (”Warrant”) entitling the holder to acquire one additional Common Share at a price of $0.65 at any time and from time to time until the earlier of: (a) 30 days following the issuance by the Corporation of a news release that the closing price of the Common Shares on the stock exchange which the Common Shares are listed and posted for trading exceeded $1.00 for 10 consecutive trading days; and (b) December 11, 2014.
The Units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. In connection with the sale of an aggregate of 2,100,000 of the Units, CBR paid aggregate finder’s fees of $52,500. The Common Shares and Warrants comprising the Units, and the Common Shares issuable on exercise of the Warrants are subject to a restricted period expiring on April 12, 2010.