- C2C Gold (CTOC) has announced a strategic investment by Eric Sprott as part of a C$2.63 million private placement
- The company sold 16,450,000 units at $0.16 per unit
- Sprott agreed to subscribe for a total of 11,000,000 units
- Upon completion of the financing, Sprott will hold 14.47 per cent of the company on a non-diluted basis
- The company will use the proceeds to fund exploration expenditures and for general working capital
- C2C Gold is a Canadian mineral exploration company focused on projects in Newfoundland
- C2C Gold (CTOC) is up by 5.26 per cent and is currently trading at $0.20 per share
C2C Gold (CTOC) has announced a strategic investment by Eric Sprott as part of a C$2.63 million private placement.
The company sold 16,450,000 units at $0.16 per unit for gross proceeds of $2,632,000.
Each unit will consist of one common share and one-half of one common share purchase warrant.
Each full warrant is exercisable at $0.20 per share for a period of two years.
Eric Sprott agreed to subscribe for a total of 11,000,000 units. Upon completion of the financing, Sprott will hold 14.47 per cent of the company on a non-diluted basis and 19.99 per cent on a partially-diluted basis.
The company will use the proceeds to fund exploration expenditures and for general working capital.
C2C Gold’s project areas cover more than 1,150 km² along and between the Red Indian Line and the Valentine Lake shear zone in Newfoundland’s Central Gold Belt.
The company is focusing on the correlation between anomalous gold-in-till samples and underlying structural features shown on historical geophysical surveys.
A comprehensive program of deeper soil sampling over the most promising areas will target potential buried gold mineralization.
Janet Lee-Sheriff, C2C’s Executive Chairman, stated,
“On behalf of the C2C Gold Board and management, I am pleased to welcome Mr. Eric Sprott as a shareholder of C2C Gold Corp. Mr. Sprott’s participation in this financing is a strong statement to the potential of the property holdings and the jurisdiction as a whole.
This funding will allow C2C to proceed with a comprehensive exploration season in 2021 commencing with a soil sampling program that will prioritize drill targets in the Central Newfoundland Gold Belt.”
C2C Gold is a Canadian mineral exploration company focused on projects in Newfoundland.
C2C Gold (CTOC) is up by 5.26 per cent and is currently trading at $0.20 per share as of 12:27 pm ET.
