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| Home : St. Augustine Gold and Copper Limited Announces Completion of Previously Announced Equity Offering |
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Oct 17
2012 |
St. Augustine Gold and Copper Limited Announces Completion of Previously Announced Equity Offering |
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SPOKANE, WASHINGTON--(Marketwire - Oct. 16, 2012) - St. Augustine Gold and Copper Limited (TSX:SAU) ("St. Augustine" or the "Company") announces that the Company has completed the previously announced private placement to Queensberry Mining and Development Corp. ("Queensberry") of the Philippines for gross proceeds of US$4.7 million. The Company issued an aggregate of 25 million units at US$0.1883805 per unit, with each unit consisting of one common share and 0.3 of one common share purchase warrant of the Company (each whole warrant, a "Warrant") for a total 7.5 million Warrants. Each Warrant entitles Queensberry to acquire one share at a price of US$0.2563 for a period of one year from closing of the private placement. The securities issued in connection with this closing are subject to a hold period until February 17, 2013. The net proceeds of the private placement will be used for general working capital as the Company continues its efforts on the King-king project. Following completion of the private placement, Queensberry holds approximately 20% of the issued and outstanding common shares of the Company, or 23.7% on a fully diluted basis. |
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| Source:http://www.marketwire.com/mw/release.do?id=1714292&sourceType=3 |
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