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| Home : Electrum Gold Exploration Agrees to Acquire Units of Carlin Gold Corporation |
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Jun 01
2012 |
Electrum Gold Exploration Agrees to Acquire Units of Carlin Gold Corporation |
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NEW YORK, NEW YORK--(Marketwire - June 1, 2012) - Electrum Gold Exploration LLC ("Electrum") has entered into a definitive agreement with Carlin Gold Corporation ("Carlin") for the sale, on a private placement basis in reliance on the accredited investor exemption, of 21,404,647 units (the "Units") at a price of $0.125 per unit for aggregate gross proceeds of $2.68 million (all figures are in Canadian Dollars). Each Unit will consist of one common share of Carlin ("Common Share") and one common share purchase warrant ("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 share. Assuming the completion of the transaction, as a result of the acquisition noted above, Electrum will own approximately 27% of the issued and outstanding Common Shares and will own approximately 40% of Carlin calculated on a fully diluted basis. Under the terms of the definitive agreement, Electrum will have the right to designate two nominees to Carlin's board of directors and the right of pro rata participation in future financings of Carlin. |
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| Source:http://www.marketwire.com/mw/release.do?id=1664496&sourceType=3 |
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