Geddes financings raise $9.9 million

The financings included $4.5 million from a fully subscribed rights offering allowing shareholders of the company to acquire units consisting of common shares and warrants.

In addition, the company recently completed a flow-through issue of common shares through First Marathon Securities which netted $2.8 million and a private placement of common shares to Northgate Exploration (TSE) for $2.9 million. The units issued through the rights offering consist of one common share and one warrant exercisable during a period ending three years fr om the end of the month in which the warrants become separable from the corresponding common shares. The date, which has yet to be established, will be no later than Dec 31, Geddes says. Two warrants entitle their holders to purchase one common share at $2 per share.

Geddes shares were trading recently at $1.71 on The Toronto Stock Exchange in a 52-week range of $1.05-1.85.

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