Stay Gold Inc. Announces Engagement Letter With Wolverton Securities Ltd.
(firmenpresse) - HALIFAX, NOVA SCOTIA -- (Marketwire) -- 03/15/12 -- Stay Gold Inc. ("Stay Gold" or the "Corporation") is pleased to announce that it has executed an engagement letter (the "Engagement Letter") with Wolverton Securities Ltd. (the "Agent) in connection with a proposed initial public offering (the "Offering") of Units (the "Units") and Flow-Through Units (the "FT Units") in certain provinces of Canada.
Stay Gold intends to issue a minimum of 6,000,000 Units up to a maximum of 8,000,000 Units at a price of $0.15 per Unit (the "Unit Offering Price") and a minimum of 1,500,000 FT Units up to a maximum of 3,000,000 FT Units at a price of $0.20 per FT Unit (the "FT Unit Offering Price"), for minimum aggregate gross proceeds of CDN $1,200,000 up to a maximum aggregate gross proceeds of $1,800,000.
Each Unit and FT Unit shall consist of one common share and one half of one transferable share purchase warrant (each, a "Share Purchase Warrant"). Each whole Share Purchase Warrant will entitle the purchaser to acquire one additional common share for a period of thirty six (36) months from the Closing date of the Offering at an exercise price of $0.25 per Share Purchase Warrant. The common shares underlying the FT units will be issued as flow-through shares within the meaning of the Income Tax Act (Canada).
The Engagement Letter provides that the Agent will receive a marketing concession of 10% of the gross proceeds of the Offering and be issued Agent's Options (the "Options") to be issued at the Closing, for the purchase of that number of Units equal to 10% of the aggregate number of Units and FT Units subscribed for under the Offering, at the Unit Offering Price, for a period of 36 months from the Closing date.
The Offering is intended to be conducted by way of a long form prospectus offering, filed in certain Canadian Provinces.
Stay Gold and the Agent intend to negotiate and enter into a formal agency agreement which will incorporate the terms and conditions of the Engagement Letter and such other terms as are customary for a transaction of this nature. A further press release will be issued upon the execution of an agency agreement between the parties.
The proposed Offering to the public will be on a commercially reasonable efforts basis. Completion of the Offering is subject to receipt of all required regulatory approvals and stock exchange approvals, as applicable.
STAY GOLD INC.
About Stay Gold:
Stay Gold Inc. is a gold focused exploration company with a portfolio of high potential gold prospects. The Corporation's strategic land position, located in the historic gold producing region of Nova Scotia, provides a platform for expedient resource development and new discoveries.
The Corporation's Securities are not listed on any stock exchange and no stock exchange has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information:
"This press release includes "forward-looking information" including statements regarding the Offering that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Corporation. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks and risk of regulatory change. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Corporation does not assume the obligation to update any forward-looking statement, except as required by applicable law."
Contacts:
Stay Gold Inc.
Brendan Matheson
President and CEO
(902) 832-1137
(902) 444-3324 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 15.03.2012 - 21:57 Uhr
Sprache: Deutsch
News-ID 125445
Anzahl Zeichen: 0
contact information:
Town:
HALIFAX, NOVA SCOTIA
Kategorie:
Mining & Metals
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