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Inca One Gold to consolidate shares, undertake C$4.0M private placement

Vancouver, Canada-based Inca One Gold Corp. said July 8 that it plans toconsolidate its common shares at a 5-to-1 ratio and carry out a nonbrokeredprivate placement for gross proceeds of up to C$4.0 million.

The consolidation of shares is subject to the approval ofthe TSX Venture Exchange.

After the consolidation, the company plans to launch a nonbrokeredprivate placement of up to 16 million company units, at a subscription price of25 cents per unit.

Each unit will comprise 1 common share and 0.5 of atransferable common share purchase warrant. The warrant will allow the purchaseof an additional common share at a postconsolidation exercise price of 40 centsper share, for a period of 36 months. However, the company will trigger theexercise of the warrants in case its closing price is higher than 60 cents pershare, postconsolidation for a period of 15 consecutive trading days.

The company plans to use the proceeds for mineral purchases,inventory supplies and materials, select debt repayments and general workingcapital requirements.

Furthermore, the company does not plan to pursue theconvertible debenture offering announced April 19.

Pursuant to the terms of its private placement, the companywill finalize its debt restructuring and settlement agreements as April 19.