St. Jude Resources (SJD-V) has closed an $18 million private placement financing led by Haywood Securities and Salman Partners.
The oversubscribed financing involved 9 million units at $2 apiece. One unit comprises one share plus half a warrant. One warrant is good for one share at $3 each for five years. Originally, St. Jude planned to sell up to 7.5 million units to raise $15 million.
The agents received a 6.5% commission accompanied by compensation options on 450,000 shares each at the same price of the unit issue for two years. All of the shares are subject to a hold period.
Proceeds will fund continued exploration and development of St. Jude’s four advanced gold projects in West Africa. Drilling is currently underway at both the Hwini Butre and Benso projects in Ghana. At Goulagou in Burkina Faso, the company is drilling on the GG1 and GG2 gold targets. At Rounga. a 2000-sample geochemical survey has begun with the goal of extending the strike of the original discovery and establishing drill targets.
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