A private placement has been arranged by Spirit Lake Explorations with three financial institutions in France. The deal will see Spirit issue common shares at a price of $3.70 per share for total proceeds of $1-$1.2 million. The deal, terms of which will be finalized shortly, will also include an equal number of share purchase warrants which give the holder the right to purchase another share at $4 for a one-year period.
The placement is part of a $1.8- million financing arranged by the company which will fund exploration at the company’s gold property in the Goudreau area, northwest of Wawa, Ont.
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