- Gold79 Mines (AUU) is looking to raise up to C$2 million in a private placement to fund exploration work at its projects in the United States
- The company intends to issue 20 million units at a price of $0.10 each, comprised of one common share and half of one common share purchase warrant
- Each whole warrant will be exercisable at a price of $0.15 per share for a period of 24 months
- The proceeds will be used to fund exploration work at the company’s Gold Chain Project in Arizona, as well as the Jefferson Canyon and Tip Top Gold projects in Nevada
- Gold79 Mines (AUU) is currently down 4.55 per cent and is trading at $0.10 per share
Gold79 Mines (AUU) is looking to raise up to C$2 million in a private placement to fund exploration work at its projects in the United States.
Under the terms of the placement, the Ottawa-based exploration company intends to issue 20 million units at a price of $0.10 each. These units will be comprised of one common share in Gold79 Mines and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.15, exercisable over a period of 24 months from the date of issuance.
All of the securities issued under the offering, which remains subject to approval from the TSX Venture Exchange, will have a mandatory holding period of four months and one day.
According to today’s announcement, Gold79 will use the proceeds to fund exploration work at its Gold Chain Project in Arizona, as well as its Jefferson Canyon and Tip Top Gold projects in Nevada. A portion of the funds may also be used for general working capital and corporate expenses.
The company recently completed a soil geochemical survey at the Jefferson Canyon Project, which consists 57 unpatented claims and sits roughly 7.5 kilometres northeast of Kinross Gold’s Round Mountain gold mine.
Montana-based Ethos Geological carried out the program, which collected a total of 3,000 samples from 100-metre spaced lines.
These results are expected to provide a broader set of geochemical data not previously collected by past operators, which will offer a better understanding of structural controls to the gold and silver mineralisation previously identified in both surface and subsurface exploration.
Gold79 Mines (AUU) is currently down 4.55 per cent and is trading at $0.10 per share at 2:03pm EDT.
