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NR: New Shoshoni Ventures negotiates private placement of $400K
Oct 09, 2009 10:01PM
New Shoshoni Ventures Ltd. (the "Company") has negotiated a private placement to raise gross proceeds of $400,000. The offering will consist of 3,800,000 Flow Through Units priced at $0.08 per unit, plus an additional 1,200,000 Non Flow Through Units priced at $0.08 per unit.
Each Flow Through Unit will consist of one flow through share plus one warrant exercisable into one flow through share at $0.20 per share for a period of 18 months. The Company plans spend the flow-through funds raised pursuant to the offering for exploration of the Kirkland Creek gold prospect located in the Yukon Territory.
Each Non Flow Through Unit will consist of one non flow through share plus one warrant exercisable into one non-flow through share at $0.15 per share for a period of 18 months. Funds raised pursuant to the offering of Non Flow Through Units will be used for working capital and expenses associated with this offering.
The share purchase warrants attached to both the Flow Through and Non Flow Through Units will be subject to an acceleration clause, whereby the Company may, at its discretion call for the exercise of the warrants within 10 business days, if the closing price of the Company's common shares on the TSX Venture Exchange is $0.40 or higher for 10 consecutive trading days, provided that the mandatory hold period has passed.
Shares issued pursuant to this private placement and shares that may be issued as a result of the exercise of any warrants attached to this private placement will be subject to a mandatory hold period of four months from completion of the private placement. A portion of this private placement will be subject to finders' fees in accordance with TSX Venture Exchange regulations. This private placement remains subject to approval by the TSX Venture Exchange.