Otto says it's about to announce a $50m financing at a price of $5.25...bought deal, of course. Timestamp on this post 3:11pm local time, 11 minutes after the bell.
Time will tell.
UPDATE 3:20pm: Ok, I was pretty close!
August 31, 2010
|Continental Gold Limited Announces $57,000,000 Private Placement Financing|
| TORONTO, ONTARIO--(Marketwire - Aug. 31, 2010) -|
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Continental Gold Limited (the "Company" or "Continental Gold") (TSX:CNL), is pleased to announce that it has entered into a financing agreement pursuant to which a syndicate co-led by TD Securities Inc. and Clarus Securities Inc. (together, the "Underwriters"), has offered to purchase, on a bought deal private placement basis, 10,000,000 units (the "Units") of the Company at a price of $5.70 per Unit (the "Issue Price") for total gross proceeds of $57,000,000 (the "Offering"). Continental Gold has also granted the Underwriters an option to purchase up to an additional 2,000,000 Units, which is exercisable by the Underwriters at any time up to 2 business days prior to closing.
Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to acquire an additional common share at a price of $7.50 during the period ending 24 months following the closing of the Offering. In the event that the blah blah etc etc