PP closesGalahad Metals Announces Amendment to Private Placement
OTTAWA, ONTARIO--(Marketwire - Sept. 13, 2010) - Galahad Metals Inc (TSX VENTURE:GAX) announced today that it has completed the Private Placement announced August 23, 2010.
The Company is pleased to announce that it raised a total of $669,000 through the sale of Flow-Through and Non Flow-Through Units. The Company issued 9,880,000 Non-Flow-through units which were sold at
.05($494,000) and 2,500,000 Flow-Through units which were sold at
.07 ($175,000).
Each Non Flow-Through units consists of one commons share and one warrant to purchase a common share at
.10 and each Flow-Through unit consists of one Flow-Through common share and one warrant to purchase a non flow-through common share at
.10 from the date of issue up to and including August 31, 2012.
The proceeds obtained from the issuance of the Flow-Through Units shall be used for a diamond-drilling and down-hole geophysics exploration programme at Galahad's Regcourt Property near Val d'Or QC. The proceeds obtained from the issuance of Non Flow-Through units shall be used for General Operating Costs and to pay the Board of Land Management Fees for its Bottle Creek Property in Nevada.
The Company will pay a Finder's Fee payable in a combination of cash and the issuance of securities of the Issuer equal to 4% ($18,600) of the cash and Non Flow-Through Units equal to 6% (558,000 units) of the proceeds in connection with proceeds received by the Corporation from the sale of either Non Flow-Through or Flow-Through Units to subscribers.