The Globe and Mail reports in its Tuesday, July 21, edition that Gran Colombia Gold announced that its equity position in Western Atlas Resources has increased to about 25.8 per cent through a non-brokered private placement completed on July 17 by Western Atlas.
The Globe's Brenda Bouw writes that Gran Colombia said Western Atlas intends to use the proceeds for exploration of its Meadowbank project in Nunavut, "seeking restitution of the Increible Project, the potential addition to its exploration portfolio and for general administrative purposes."
The private placement included about 35.9 million units at a price of 10 cents each for gross proceeds of about $3.6-million and include both flow-through units and non-flow-through (NFT) units. Gran Colombia said it purchased 14 million NFT units for $1.4-million. Each unit includes one non-flow-through common share and one non-flow-through common share purchase warrant entitling the holder to purchase one additional share at 15 cents for 24 months.
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