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| Home : Carlin Enters $2.68 Million Financing Arrangement |
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May 29
2012 |
Carlin Enters $2.68 Million Financing Arrangement |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2012) - Carlin Gold Corporation (TSX VENTURE:CGD) ("Carlin" or the "Company") is pleased to announce that it has entered into an agreement with Electrum Gold Exploration LLC ("Electrum") providing for the sale to Electrum on a private placement basis of 21,404,647 units at a price of $0.125 per unit for aggregate gross proceeds of $2.68 million. Each unit consists of one common share of Carlin and one common share purchase warrant of Carlin ("Warrant"). Each warrant will be exercisable for a period of five years after the closing of the transaction at an exercise price of $0.16 per common share. Upon closing of the transaction, Electrum would become Carlin's largest shareholder, owning approximately 27% of the Company's issued and outstanding common shares and would own approximately 40% of the Company on a fully diluted basis. Under the terms of the agreement, Electrum will have the right to designate two nominees to the Company's board of directors, and the right of pro rata participation in future financings of the Company. |
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| Source:http://www.marketwire.com/mw/release.do?id=1662822&sourceType=3 |
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