Castle Peak Mining Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Castle Peak Mining Ltd Announces Agreement In Principle For Two Million Dollar Strategic Investment
Castle Peak Mining Ltd announced that it has reached an agreement in principle with representatives of Grizal Enterprises Ltd. ("Grizal") and Candel and Partners SAS ("Candel") with respect to a strategic investment. Grizal, Candel and/or their respective affiliates would form a newly-incorporated entity (the "Subscriber") which would acquire 40,000,000 units ("Units") of the Company at an issue price of $0.05 per Unit, for gross proceeds of $2,000,000 (the "Investment"). The Company plans to use the total gross proceeds of the Investment to further exploration and development at its Akorade Project working towards a preliminary economic assessment, and for general working capital purposes. Each Unit will consist of one common share (a "Unit Share") and one transferable share purchase warrant (a "New Warrant"). Each New Warrant will allow the holder thereof to purchase one additional common share (a "Warrant Share") of the Company at a price of $0.10 per Warrant Share for a period of 36 months from the closing of the Investment, subject to adjustment in certain stated events. The securities to be issued upon closing of the Investment will be subject to customary securities legislation hold periods.
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