Vancouver-based Northway Resources Corp. (TSX-Venture:NTW) was still in a state of excitement on Monday, having completed its initial public offering of 18,486,000 common shares issued at a price of $0.10 per Share.
This generated aggregate gross proceeds of $1,848,600 pursuant to a prospectus dated July 30.
The Company will use the net proceeds from the offering in furtherance of its short term business objectives as outlined in the Prospectus.
The Company's common shares were listed for trading and immediately halted on the TSX Venture Exchange under the trading symbol "NTW" last Thursday, and are expected to commence trading either today or tomorrow.
According to CEO Zachary Flood "We are very excited about closing this transaction and being listed as a new public company on the TSXV.
Northway Resources was founded last year with the primary focus to explore for gold in Alaska. The Healy Project, which we have optioned from Newmont Goldcorp, presents significant opportunities for Northway in the Goodpaster Mining District, host of the Pogo gold mine.”
Shares vaulted 1.5 cents, or 15%, to 11.5 cents, on 147,000
