|TriStar Gold - TSG.v is advancing the flagship Castelo de Sonhos (CDS) project in Pará State, Brazil. |
The company controls mineral rights that cover the entire 16 km of gold-bearing property.
"Tristar Gold Inc. has closed the first tranche of the private-placement financing announced in the company's news release dated June 13, 2016, in which a total of 13,237,839 units were issued at a price of 30 cents per unit for gross proceeds of $3,971,352. Each unit is composed of one common share and one-half of one transferable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of 55 cents until July 7, 2018, subject to acceleration in certain circumstances.
A total of 6,933,610 units were issued on a brokered private-placement basis, with Beacon Securities Ltd. as lead agent and Paradigm Capital Inc. acting as agent on a commercially reasonable best efforts basis. A further 6,304,229 units were issued on a non-brokered basis.
The agents or their nominees have received a cash commission totalling $71,062 and non-transferable compensation options exercisable to acquire a total of 611,872 common shares of the company at an exercise price of 30 cents per share at any time up to July 7, 2018.