Guinness Exploration Successfully Raises U.S. $500,000 Additional Funding for Nantawa Projectadmin
Guinness Exploration Inc. announced it has completed a second unit offering private placement which raised U.S. $500,000 to be used toward exploration of the Nantawa Project.
Guinness President and CEO Alastair Brown commented, “As evidenced by this second successful private placement, the Nantawa Project is gaining momentum and drawing good interest from investors. We’re looking forward to our summer drilling program and our contractors and logistical support are on track. Weather permitting, our target continues to be start-up of camp operations within the next couple of weeks.”
This financing raised aggregate proceeds of US$500,000 and was comprised a unit (‘Unit’) sale by Guinness of 625,000 Units priced at U.S.$0.80 per Unit for one share of common stock in the capital of Guinness (each, a “Share”); and one common share purchase warrant (each a “Warrant”) subject to adjustment. Each whole Warrant is non-transferable and entitles the holder to purchase one common share of Guinness (each, a “Warrant Share”), as presently constituted, for a period of twenty four months beginning April 22, 2010 at a price per Warrant Share of U.S.$2.00. These Units are being issued pursuant to Regulation S of the Securities Act of 1933, as amended (“Regulation S”) and Guinness did not engage in any general solicitation or advertising regarding this Unit offering.