Market Herald logo

Subscribe

Be the first with the news that moves the market
  • G2 Goldfields (TSXV:GTWO) is set to raise C$5 million in a non-brokered private placement to fund exploration activities in Guyana
  • The company plans to issue a total of 9.6 million units at a price of 52 cents each
  • These units will consist of one common share in the company and half of one common share purchase warrant
  • The proceeds will be used to conduct a 10,000-metre drill program at the company’s Oko discovery, and for an initial drill program at the Tracy and Aremu mines
  • G2 Goldfields (GTWO) is currently down 6.25 per cent and is trading at 60 cents per share

G2 Goldfields (TSXV:GTWO) is set to raise C$5 million in a non-brokered private placement to fund exploration activities in Guyana.

Under the terms of the placement, G2 Goldfields intends to issue a total of 9.6 million units at a price of 52 cents each. These units will be comprised of one common share in the company and half of one common share purchase warrant.

Each whole unit will entitle the holder to acquire an additional common share at a price of $1.00, exercisable for a period of 18 months from the date of issuance.

So far, the offer has been fully subscribed and includes participation from Northfield Capital for approximately 960,000 units, as well as approximately 1,925,000 units that have been purchased by certain insiders of G2 Goldfields.

Canaccord Genuity has been enlisted to act as the company’s financial advisor for the placement, and will receive a cash commission equal to 6 per cent of the total funds raised. A $50,000 finder’s fee will also be paid through the issuance of 96,153 units at a price of 52 cents each.

According to today’s announcement, the proceeds raised under the offering will be used to fund a 10,000-metre drill program, which has been designed to expand mineralisation at the company’s high-grade Oko gold discovery.

A portion of the proceeds will also be used to begin a maiden drill program at the Tracy and Aremu Mine regions, as well as for mapping and sampling along the Aremu-Oko district, which spans 17 kilometres.

G2 Goldfields (GTWO) is down 6.25 per cent and is trading at 60 cents per share at 2:01pm EDT.

More From The Market Herald

Scratching the surface of an emerging gold belt in Canada

Westhaven Gold Corp. (TSXV:WHN) is a Canadian exploration company that has four gold projects along the Spences Bridge Gold Belt in B.C.

First Quantum’s Panama contract ruled unconstitutional

Panama’s Supreme Court has ruled that First Quantum Minerals (TSX:FM) mining contract is unconstitutional.

Great Atlantic Resources completes 2023 program at South Quarry

Great Atlantic Resources has completed its 2023 exploration program at its 100-per-cent-owned South Quarry tungsten property in Newfoundland.

One of B.C.’s top gold assets just got better

Gold penny stock Ascot Resources (TSX:AOT) provides a construction update at its Premier gold project in British Columbia’s Golden Triangle.