EVG just did another p.p.......Maybe they had no choice in that but the Underwriters get commission and cheap shares and warrants. When will the shareholders get anything besides dilution?
Evolving Gold arranges $1.47-million offering
Ticker Symbol: C:EVG
Evolving Gold arranges $1.47-million offering
Evolving Gold Corp (C:EVG)
Shares Issued 92,151,964
Last Close 11/18/2009 $1.06
Thursday November 19 2009 - News Release
Mr. Robert Barker reports:
EVOLVING GOLD CORP. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND UPDATE ON BOUGHT DEAL PRIVATE PLACEMENT
November 19, 2009, Vancouver, British Columbia: Evolving Gold Corp. (TSX-V:EVG) (FSE:EV7) (the "Company" or "Evolving Gold") announces that further to the Company's news release of November 3, 2009 announcing a brokered financing of units on a bought deal basis (the "Brokered Offering"), the Company will, concurrently, proceed with a non-brokered private placement (the "Non-Brokered Offering", and together with the Brokered Offering, the "Offering") of up to 1,634,578 units (the "Units") at a price of $0.90 per Unit for aggregate gross proceeds to the Company of approximately $1,471,120. Each Unit will consist of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $1.25 for a period of two (2) years from closing.
The Non-Brokered Offering, in part, fulfills an obligation of the company pursuant to an option agreement with Golden Predator Mines (US) Inc. ("Golden Predator") which allows Golden Predator to participate in private placements of the Company (see press release dated August 7, 2007). Golden Predator may purchase up to 1,234,578 Units in the Non-Brokered Offering. The Company has agreed with the underwriters of the Brokered Offering, National Bank Financial Inc., Scotia Capital Inc. and PowerOne Capital Markets Limited (collectively, the "Underwriters"), that the Units to be purchased by the Underwriters under the Brokered-Offering will be adjusted to 10,711,200 Units for aggregate gross proceeds of approximately $9,640,080. The aggregate gross proceeds to the Company from the Offering of up to 12,345,778 Units will be approximately $11,111,200.
The Offering is scheduled to close on or about November 24, 2009. The Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange (the "Exchange").
The Company will pay the Underwriters a cash commission equal to 5.0% of the aggregate gross proceeds of the Brokered Offering. In addition, the Underwriters will receive that number of warrants to purchase Units that is equal to 5.0% of the number of Units sold pursuant to the Brokered Offering, exercisable at a price of $1.25 per Unit for a period of two (2) years from closing. The Company may pay a finder's fee on the Non-Brokered Offering in cash, warrants, or a combination thereof, within the maximum amount permitted by the policies of the Exchange. The proceeds of the Offering will be used for exploration of the Company's properties and for general corporate purposes, in particular for exploration, drilling, permitting, and other studies to move the Rattlesnake Hills project in Wyoming toward prefeasibility.
