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Galahad aims for $430K in higher private placement target

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Published on November 25, 2010; Published on November 25, 2010
OBJ Staff

Galahad Metals Inc. (TSX-V:GAX) once again increased the terms of a private placement announced earlier this month, aiming for $430,100 – approaching two-thirds more than its original target.

Topics :: Ottawa , Northern Quebec , Val

The Ottawa-based junior mining firm stated it would issue around four million units, including common shares and warrants and flow-through common shares and warrants.

Galahad had originally announced a target of $275,000 on Nov. 10, bumping the goal up to $402,000 a week later.

The 550,000 regular units are priced at $0.09 each, with the $49,500 in proceeds to be used for working capital.

Flow-through units, at $0.11 each, will be used for diamond drilling and geophysics exploration at Galahad's Recourt Property in northern Quebec. Total proceeds are expected to reach $380,600.

Galahad will also pay a finder's fee in association with the placement.

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