By Deborah Bacal
Proactive Investors
Crocodile Gold Corp. is raising $18 million through a private placement financing with Sprott Asset Management, Eric Sprott, and Luxor Capital, the company announced Thursday.
The company, with three operating gold mines in Australia, will issue up to 69.2 million units at a price of 26 cents apiece, with each unit made up of one common share and one quarter of a share purchase warrant.
Every whole warrant entitles the holder to acquire another common share of Crocodile at a price of 35 cents, for a period of one year from the closing date, and at 40 cents for an additional period of 12 months beginning on the first anniversary of the placement’s closing.