TransactionsAuryx Gold Corp. (previously 0824239 B.C. Ltd.) Closes $49 Million FinancingPublished: 07/23/2010 By Mark T. Bennett, Andrea FitzGerald On April 9, 2010, 0824239 B.C. Ltd. (“BC Ltd.”) closed a best efforts private placement of 93,133,400 subscription receipts at a price of $0.50 per subscription receipt for gross proceeds of $46,566,700. The private placement was led by Macquarie Capital Markets Canada Ltd. and included GMP Securities L.P. and Wellington West Capital Markets Inc. The financing was a condition precedent to BC Ltd. completing a reverse take-over transaction ("RTO") with Tova Ventures Inc., a capital pool company which completed the RTO as its qualifying transaction under the rules of the TSX Venture Exchange. On June 23, 2010, BC Ltd. closed on an additional 4,298,055 subscription receipts at a price of $0.50 issued upon exercise of an agents' option granted to the syndicate of agents. The total gross proceeds of the offering were $48,715,727.50. Each subscription receipt was automatically exercised for one common share of BC Ltd., which was subsequently exchanged for one common share of Auryx Gold in connection with the completion of Tova's RTO transaction with BC Ltd. completed on June 25, 2010. Upon completion of the RTO, Tova changed its name to Auryx Gold Corp. and listed its common shares on the Toronto Stock Exchange under the symbol "AYX." Cassels Brock acted for the agents on the subscription receipt financing with a team that included Mark Bennett (Securities and Mining) and Andrea FitzGerald (Securities and Mining). |