Luna Gold closes private placement of C$2.46 millionadmin
Luna Gold Corp. announce the closing of a non-brokered private placement of 24,600,250 Units as announced on October 31, 2008, for gross proceeds of $2,460,025. Each Unit consists of one common share and one-half of one share purchase warrant and each whole warrant entitles the holder to purchase one common share at a price of $0.25 for a period of 24 months.
The common shares issued pursuant to the Private Placement are subject to a four month hold period expiring on March 18, 2009.
A cash finder’s fee in the aggregate of $43,750 was paid and an aggregate of 437,500 broker’s warrants were issued to various parties for introducing investors to the Company. Each broker’s warrant entitles the holder to purchase one common share at a price of $0.10 for a period of 12 months.
In the event the closing market price of the Company’s common shares is $0.40 or higher over a period of 15 consecutive trading days at any time after March 18, 2009, the Company will be entitled to accelerate the term of the warrants and broker’s warrants upon notice given by press release and the warrants and broker’s warrants will then expire on the 15th business day after the date of the press release unless exercised by the holder prior to such date.
Luna is a mining exploration company focused on the acquisition, exploration, and development of gold resources and advanced stage gold exploration projects in northeastern Brazil.