11:43 AM EST - Arcus Development Group Inc. : announced that it will carry out a 3.33-million-unit non-brokered private placement for total proceeds of $500,000. Each unit will consist of one flow-through common share and one flow-through share purchase warrant.The price of the units will be $0.15. The warrants will be valid for a period of 12 months from the closing of the placement and will entitle the holder to purchase one additional flow-through common share at a price of $0.20. Proceeds from the placement and any proceeds from the exercise of the warrants will be used to fund the Company's work programs on the Dawson Gold project. Research Capital Corporation will be paid a cash commission of 8% on a portion of the placement proceeds.The company anticipates closing this placement by mid-July, 2009. The original requirement that the company complete a $1 million financing by August 1, 2009 has been waived by both ATAC and the company. Arcus Development Group Inc.
shares V.ADG are trading even at $0.13.
