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TrueGold Mining Inc Closes Private Placement To Liberty Metals & Mining


Thursday, 25 Jul 2013 02:54pm EDT 

TrueGold Mining Inc announced that the Company has closed the non-brokered private placement with Liberty Metals & Mining Holdings, LLC (LMM) announced. The Private Placement is part of a $23.5 million strategic investment agreement that True Gold and LMM will close in two tranches. In the first tranche, LMM, a subsidiary of Boston-based Liberty Mutual Insurance, has purchased 52,755,248 True Gold common shares (Shares) at a price of $0.33 per Share, for gross proceeds to True Gold of approximately $17.4 million. The purchased Shares represent 19.95% of the post-close issued and outstanding Shares of the Company, making LMM True Gold's single shareholder. The second tranche, the sale of a 2% net smelter return royalty on the Company's interest in the Karma Gold Project, will close upon finalization of associated Royalty documentation. Further details with respect to the Private Placement and Royalty can be found in True Gold's press release dated July 18, 2013. Proceeds of the Private Placement will be used primarily for expenditures related to the advancement of the Karma Project(1), ongoing exploration, as well as for general administrative and corporate expenses. 

Company Quote

0.295
-0.0050 -1.67%
24 Oct 2014