I have a hard time believing this CDY financing couldn't have been done at a better price. Hopefully we've seen the bottom on this one now.
Cassidy to raise $1.33-million for drill program
2004-04-15 16:48 ET - News Release
Mr. James Gillis reports
Cassidy Gold has arranged a private placement of a total of 1.9 million units to 55 investors at a price of 70 cents per unit to raise a total of $1.33-million. Each unit includes one common share and one detachable non-transferable share purchase warrant entitling the holder to purchase one additional share over a two-year term, at a price of 80 cents during the initial year of the term and 90 cents during the final year of the term.
Shares acquired by placees and shares, which may be acquired upon the exercise of the share purchase warrants, are subject to a hold period and may not be traded in British Columbia until Aug. 15, 2004, except as may be permitted by the securities legislation and regulations applicable in the placees' province or territory of residence.
Although the company has sufficient funds in place to carry out its current drill program during the dry season in Guinea, approximately 80 per cent of the funds raised in this private placement will be used to finance the company's proposed resource definition drill program to be carried out during the rainy season. The balance will be used to augment general working capital.
The private placement is subject to the acceptance of the TSX Venture Exchange.
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