The Is have been dotted and the Ts crossed; it’s now official!
Vancouver-based Tudor Gold Corp. (TSX-Venture:TUD) announced Tuesday morning it had completed its previously announced non-brokered private placement, of 11,934,200 units at a price of $0.25 per Unit, for aggregate gross proceeds of $2,983,550.
Each Unit consists of one common share and one transferable common share purchase warrant, each of which entitles the holder to purchase one additional common share of the Company at an exercise price of $0.40 for a year, if the closing price of the Company's common shares grow to a price of a dollar per share for at least 10 straight days on the TSX Venture Exchange, or anywhere else the common shares are primarily listed.
The proceeds from the sale will be used to reduce liabilities and improve the Company's working capital, for general corporate purposes and to advance exploration of the Company's mineral properties in the Golden Triangle of northwestern B.C.
TUD shares climbed three cents, or 8.7%, to 37.5 cents approaching noon EDT on Tuesday, on volume of 102,000 shares.