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RAPAPORT... Shore Gold Inc. closed a private placement, on a bought-deal basis, of 21,906,700 flow-through common shares for gross proceeds of $5,476,675. Canaccord Genuity Corp., together with Mackie Research Capital Corporation, acted as underwriters.
The proceeds from the sale of the flow-through common shares will be used to fund exploration expenses in Canada prior to December 31. Underwriters received a cash commission of 6 percent as well as warrants to purchase a number of common shares equal to 6 percent of the flow-through common shares -- exercisable at any time up to 18 months after the closing at 25 cents per share. The offering is subject to the Toronto Stock Exchange's acceptance of the requisite regulatory filings. Shore Gold is the operator of the Star-Orion diamond project that is situated in the Fort à la Corne kimberlite field in central Saskatchewan, Canada and includes the Star diamond project, as well as Star West and the Orion South kimberlite, which fall within the adjacent Fort à la Corne joint venture with Newmont Canada FN Holdings.
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