CB Gold arranges $2-million private placement
2016-04-21 17:11 ET - News Release
Mr. Patrick Balit reports
CB GOLD ANNOUNCES PRIVATE PLACEMENT
CB Gold Inc. has arranged a non-brokered private placement of up to 26,666,667 units at a price of 7.5 cents per unit for total gross proceeds of up to $2-million. Each unit consists of one common share and one warrant, with each warrant exercisable into one share at 10 cents per share for a period of five years. CB Gold will have the right to call the warrant after one year from the date of issuance.
Red Eagle Mining will purchase 16,933,333 units for total gross proceeds of $1.27-million ($1-million (U.S.)). Subsequent to the purchase, Red Eagle Mining will own a total of 248,043,377 shares of CB Gold. The shares will be subject to a four-month hold period from the date of issuance.