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Fairchild Gold Jumps 37% on C$1.8 Million Private Placement

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Fairchild Gold (FAIR.V) shares rose 37% on Tuesday as it expects to close a first tranche of about C$1.2 million under a non-brokered private placement financing for up to C$1.8 million.

The company expects to issue about 20-million units at C$0.06 apiece, with the anticipated closing of the first tranche of the offering. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to buy a share for C$0.10 for a period of 60 months from the date of issuance.

"Through a series of investments over the last 15 months, Sprinter has become a significant supporting shareholder of Fairchild," said Fairchild Gold Executive Chairman Nikolas Perrault.

The company expects certain of its insiders to participate in the private placement.

Shares of the company were last seen up C$0.015 at C$0.06 on the TSX Venture Exchange.

Price: $0.06, Change: $+0.02, Percent Change: +33.33%

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Fairchild Gold Jumps 37% on C$1.8 Million Private Placement | FINWIRES