HALIFAX, July 8 /CNW/ – Gammon Gold Inc. (“Gammon”) (TSX:GAM and NYSE:GRS): Gammon is pleased to announce that it has entered into an agreement with Corex Gold Corporation (“Corex”) (TSX-V: CGE – News) to acquire 4,706,000 units of Corex pursuant to a non-brokered private placement. Each unit consists of one common share and one half of one share purchase warrant exercisable at CAD $0.90 for a period of 24 months from the closing date of the transaction. The subscription price for the units is CAD $0.68 per unit for an aggregate purchase price of CAD $3,200,080. Corex will place an additional 1,694,000 units, with other qualified investors, for total proceeds of $4,352,000.
Commenting on the deal, Rene Marion, President and CEO of Gammon Gold said, “As amply demonstrated in the last few quarters, we’re really crap at mining. However we do have a shitload of cash so it makes sound business sense to buy into stocks that have a shot at making money instead of wasting it on our own pisspoor assets. On the other hand, our judgment on mining assets is so poor that this deal might turn into the kiss of death for Corex. We wish them luck.” Continues here
News from Gammon Gold (GRS) (GAM.to)
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