Best news Of The Day !
As per below, GTA has confirmed plans to raise $6 million with a lot to be spent on its North shore project.
Through close proximity STK gets carried on the GTA drill news.
This is very important because STK has the old Harkness-Hayes mine on its property.
This is great news, because while STK management team is focused on Edwards; another mine management team is focused on our Hemlo West North shore project.
Basically GTA is going to do a lot of leg work for STK.
This has to be great news and gives STK great upside.
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GTA Resources increases financing to $5-million
2012-02-21 08:05 ET - News Release
Mr. Peter Clausi reports
GTA RESOURCES AND MINING INC. ANNOUNCES INCREASE IN AMOUNT OF PRIVATE PLACEMENT
GTA Resources and Mining Inc.'s agreement with a syndicate led by Laurentian Bank Securities Inc. and including Euro Pacific Canada, Union Securities Ltd. and Casimir Capital Ltd., announced in a press release on Feb. 17, 2012, under which the agents will offer on a best efforts basis a private placement of GTA securities, has been increased to $5-million in common share units and flow-through shares.
Details of the offerings are as follows:
- The agents will offer up to $2.5-million in common share units at a price of 90 cents per unit with each unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable into one common share at a price of $1.25 for a period of 18 months from closing of the offerings.
- The agents will offer up to $2.5-million of flow-through common shares at a price of $1.20 per flow-through share.
GTA has granted the agents an overallotment option of $1-million bringing potential gross proceeds of the offerings to $6-million.
GTA will pay to the agents' compensation, including a cash fee of 7 per cent of the gross amount raised in the offerings, and will issue broker warrants in the amount of 7 per cent of the combined number of units and flow-through shares issued in the offerings. Each broker's warrant may be exercised into units at a price of 90 cents for a period of 18 months from the date of closing of the financing transaction.
GTA will use the proceeds of the offerings to finance its exploration activities on its Northshore and Auden projects and for working capital purposes.
The offerings are anticipated to close on or before March 16, 2012.