Having just negotiated a private placement of one million special warrants in February, Gold Reserve (TSE) reports that the underwriters have exercised their option for an additional million special warrants.
Each special warrant entitles the holder to acquire one share of Gold Reserve and half of a 1-year warrant. Each full warrant entitles the holder to acquire an additional share for US$13 within the next year. Net proceeds of these two placements are nearly US$20 million. Up to US$13 million will be raised upon exercise of the warrants.
The funds will be used to develop the Brisas concession in the Kilometre 88 district of Venezuela and acquire more properties.
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