Keegan Closes Non-Brokered Private Placement with Highland Park
Keegan Resources Inc. (TSX:KGN)(NYSE MKT:KGN)(NYSE Amex:KGN) ("Keegan" or the "Company") is pleased to announce that it has completed its previously announced non-brokered private placement for gross proceeds of CAD$32.5 million by issuing 9,443,500 units (the "Units") of the Company at a price of CAD$3.44 per Unit (the "Offering"). The price of the Units were the five-day volume weighted average market price based on the date of signing of the principal subscription agreement with Highland Park. Each Unit consisted of one Common Share of the Company as well as one Warrant to purchase a Common Share in the Company for a period of two years at a price of $4.00 per share. Should the Company's share price trade at a price of greater than $6.00 per share for a period of twenty consecutive trading days, the Company will have a right to accelerate the exercise period of the Warrants to 30 days. The exercise of all of the Warrants within the Offering would raise an additional $37.8 million.
- Published: 05 November 2012
- Written by Editor