- Newcore Gold (NCAU) has closed a bought deal public offering for gross proceeds of approximately $5 million
- The company issued 16,700,000 common shares at $0.30 per share
- Net proceeds will be used to fund exploration and development expenditures at the Enchi Gold Project in southwest Ghana
- Newcore Gold is a gold exploration and development company
- Newcore Gold Ltd. (NCAU) opened trading at C$0.275
Newcore Gold (NCAU) has closed a bought deal public offering for gross proceeds of approximately $5 million.
The company issued 16,700,000 common shares at $0.30 per share.
Luke Alexander, President and CEO of Newcore, commented on the capital raise.
“We are delighted to be welcoming a new institutional investor and would also like to thank our existing shareholders for their continued support. Select insiders also participated in the financing, with Management and the Board of Directors continuing to be strongly aligned with shareholders by way of an approximate 24% equity ownership post financing. This funding allows Newcore to continue to advance our Enchi Gold Project on the back of a successful 90,000 metre drill program that has outlined not only potential resource growth at existing deposits, along strike and at depth, but also identified new discoveries from first pass drilling on early-stage targets, highlighting the district scale potential of the property. Newcore continues to be well positioned to continue to unlock the value of the Enchi Gold Project through the drill bit.”
Net proceeds will be used to fund exploration and development expenditures at the Enchi Gold Project in southwest Ghana as well as for working capital and general corporate purposes.
The offering was led by Stifel GMP as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters that included Cormark Securities Inc., Canaccord Genuity Corp., Haywood Securities Inc., Raymond James Ltd., and Sprott Capital Partners LP. The underwriters received a 6 per cent cash commission.
Newcore Gold is a gold exploration and development company advancing the Enchi Gold Project in southwest Ghana.
Newcore Gold Ltd. (NCAU) opened trading at C$0.275.
