Evolving Gold increases financing to $3.01-million
2007-04-25 18:36 ET - News Release
Dr. Lawrence Dick reports
EVOLVING GOLD CORP ANNOUNCES INCREASE IN FINANCING
Evolving Gold Corp.'s financing previously reported in Stockwatch news March 19, 2007, with Pacific International Securities Inc. to raise up to $3-million has been increased to $3,013,250.
The offering will now consist of the issuance of up to 12,053,000 units from the previously announced 12 million units, at 25 cents per unit. Each unit will consist of one common share and one transferable common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share for a period of two years from the date of closing at a price of 35 cents. The company will pay a commission equal to 8 per cent of the gross proceeds of the offering, payable in cash or units of the offering, at the election of the agent. The agent will also be granted compensation options equal in number to 10 per cent of the number of units sold under the offering. Each compensation option will entitle the agent to purchase one common share for a period of two years from the date of closing at an exercise price of 30 cents. Closing of the offering is subject to regulatory approval and customary conditions.
The net proceeds of the financing will be used for acquisition and exploration of mineral properties in Nevada and New Mexico and for general working capital purposes.
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