Toronto-based Northgate Exploration (TSE) recently received final clearance for a previously announced rights offering.
The company has set the exercise price at 80 cents or US69 cents for shareholders living in the U.S. Under the offer, shareholders of record Jan. 10 can subscribe for one additional common share of Northgate for every four shares currently held.
A maximum of 5.6 million shares will be issued if the offering is fully subscribed and maximum proceeds will be $4.5 million. The offer is set to expire Jan. 31.
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