Vancouver-based Tudor Gold Corp. (TSX-Venture:TUD) told investors it intends to complete a non-brokered private placement of up to 6,652,700 common shares of the company that will qualify as "flow-through shares" to be issued as part of a charity arrangement at a price of $1.40 per Charity FT Share for aggregate gross proceeds of $9.3 million. The Offering is expected to close in early July.
Once the offering is all wrapped up, Eric Sprott has agreed to be the back-end buyer of all of the shares issued. It means Sprott will beneficially own and control 32,340,619 common shares, representing approximately 19.9% of the issued and outstanding common shares of the Company on a non-diluted basis. Currently, Sprott owns and controls 25,687,919 common shares.
TUD shares galloped seven cents, or 5.2%, early Monday afternoon, to $1.43, on volume of 676,000 shares.
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