2007-08-17 18:05 ET - News Release
Mr. Thomas Larsen reports
NFX COMPLETES FINANCING
NFX Gold Inc., further to the company's news in Stockwatch dated Aug. 9, 2007, and June 21, 2007, has completed a non-brokered private placement of 1.8 million flow-through units of NFX at a price of 25 cents per unit, for total proceeds of $450,000. Pursuant to the private placement, each FT unit consists of one common share issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one non-transferable share purchase warrant of the company. Each whole unit warrant has a term of 18 months and entitles the holder to purchase one non-flow-through common share at a price of 40 cents per common share. Officers and directors of the company participated in the private placement, subscribing for 456,000 FT units, representing an investment of $114,000. All of the securities issued pursuant to the private placement are subject to a hold period, which expires Dec. 18, 2007. The private placement is subject to regulatory approval.
In connection with the private placement the company paid $27,120 as a finder's fee to Integral Wealth Securities Limited, an arm's-length party, equal to 8 per cent of the orders originated by Integral in connection with the private placement, and also issued to Integral 135,600 finder's fee share purchase warrants, entitling Integral to purchase a total of 135,600 units of the company at a price of 25 cents per unit at any time on or before Feb. 17, 2009. Each unit consists of one common share and one-half of one non-transferable share purchase warrant of the company. The terms of share purchase warrants are identical to the unit warrants issued pursuant to the private placement.
The net proceeds of the private placements will be used for NFX exploration, other than at the Larder Lake properties, where Maximus Ventures Ltd. is currently conducting a 10,000-metre drilling program pursuant to the NFX/Maximus $6-million option and joint venture agreement. |
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