More details on financing...Frank Giustra's NEX shell, PNO Resources Ltd. (PNO), has closed a private placement of 20,481,650 units at 20 cents as it prepares to complete a reverse takeover of Richard Munson's Sandspring Resources Ltd. (SSP), a gold company working on a feasibility study for its Toroparu gold project in Guyana. The deal, which we discussed at length in the Shell Summaries for July 6, July 20 and Aug. 11, should close shortly. Each unit from the financing comprises one share and one warrant, exercisable at 30 cents for five years. There were 60 subscribers who participated in the private placement, mostly familiar faces who have invested in Giustra deals before. Mr. Giustra himself acquired the largest position from the financing, 3.5 million units, using two of his investment companies, Fiore Aviation Corp. and Fiore Financial Corp. Other noteworthy subscribers included Canaccord founder Peter Brown, with 1.75 million units, former Cameco Corp. (CCO: $18.11) CEO Gerald Grandey, with 1,575,000 units, Vancouver promoter Ivan Bebek, with one million units, and newsletter editor Doug Casey, with 500,000 units.
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