Gold79 Mines Ltd (OTCMKTS:AUSVF) Stock In Focus After Private Placement Financing

This past Friday Gold79 Mines Ltd (OTCMKTS:AUSVF) came into the news cycle after it announced that it had decided to amend the terms of its non-brokered private placement that it had announced on May 10.

Trading Data

On Friday, AUSVF stock moved down 0.45% to $0.0220 with more than 5K shares, compared to its average volume of 37.57K shares. The stock moved within a range of $0.0220 – 0.0220 after opening trade at $0.0220.

Gold79 Amends Terms of Private Placement Financing

The company announced that following the amendment that private placement would raise gross proceeds to the tune of $1,000,000 and would be made up of 333,333,333 units in the company priced at $0.03 each. Each unit would be made up of one common share in Gold79 Mines Ltd and one common share purchase warrant. The holder of a warrant is going to be entitled to pick up a common share in the company for the price of $0.05 each for a period of up to 24 months since the day of issuance.

It should also be noted that the warrants are actually going to be callable during the 24 month period and the company would have that option. The warrant holders would be notified with regards to the call action and would be given a 30 day period within which they would be able to exercise the warrants. All the securities in the offering are going to be subject to a hold period of four months and a day since the day of issuance.