SG Spirit Gold Confirms Terms for Pangea Energy as Private Placement Announced


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SG Spirit Gold Inc. (SG.V) announced that, further to its news release of April 8, 2013 announcing that it had entered into a Letter of Intent with Pangea Energy Corp. to combine their businesses, Pangea has engaged a syndicate of agents to place on a "best efforts" basis by way of private placement, subscription receipts of Pangea at a price of US$0.35 per Subscription Receipt.

Aggregate gross proceeds from the sale of the Subscription Receipts will be a minimum of US$5,000,000, up to a maximum of US$15,000,000.

The offering may, at the election of the Lead Agent, be increased up to US$20,000,000, in the event that subscriptions for Subscription Receipts received are greater than US$15,000,000 in aggregate. Successful completion of the minimum US$5,000,000 financing is a condition of the transaction.

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This article appears in: Investing , Commodities

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