This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Sunridge Gold closes placement, exploration agreement 2009-10-02 08:29 ET - News Release
Mr. Michael Hopley reports SUNRIDGE GOLD CLOSES PRIVATE PLACEMENT AND DEFINITIVE EXPLORATION AGREEMENT WITH NEW PARTNER ANTOFAGASTA MINERALS S.A. Sunridge Gold Corp. has closed the private placement with Sierra Gorda Investment Company Limited, a subsidiary of parent company Antofagasta PLC, and finalized the exploration agreement with Antofagasta Minerals S.A. as reported in Stockwatch Sept. 4, 2009.
The company issued Antofagasta 13,588,750 common shares at a price of 40 cents for gross proceeds of $5-million (U.S.). The common shares issued are subject to a four-month hold period until Feb. 2, 2010. Antofagasta now owns approximately 18 per cent of the issued shares of Sunridge. As part of the private placement and the exploration agreement, Antofagasta will be entitled to appoint one member to the Sunridge board of dDirectors and will have certain rights to participate in future financings to maintain their share interest in the company. The company paid a finder's fee of $135,888 in connection with the private placement.
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