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Algold Resources raises C$4M for general working capital

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Algold Resources raises C$4M for general working capital

AlgoldResources Ltd. said July 19 that it has raised total gross proceedsof C$4.0 million from brokered and nonbrokered placements.

The company closed a previously announced financing conducted on a boughtdeal basis, raising a total C$3.5 million.

A syndicate of underwriters led by Beacon Securities Ltd.,purchased 11,500,000 units at 30 Canadian cents apiece, which included fullexercise of the underwriter's option.

Each unit consists of 1 common share and 0.5 of a sharepurchase warrant, with a whole warrant exercisable for 1 common Algold share at40 cents for a 12-month period.

Concurrent with the brokered private placement, the companyclosed a nonbrokered private placement of 1,666,667 units at 30 cents each foradditional gross proceeds of C$500,000.

The proceeds are earmarked for capital and general corporatepurposes.