- Palamina (PA) has completed a C$5 million private placement including investments from Eric Sprott and GoldSpot Discoveries (SPOT)
- The company’s non-brokered private placement consisted of 20,000,000 units priced at $0.25 per unit
- Sprott acquired 8,000,000 units for $2,000,000 and now owns 21.8 per cent of the company on a partially diluted basis
- The company will use the proceeds to carry out a maiden drill program on its flagship Coasa Gold Project
- Palamina is focused on four district-scale gold projects in southeastern Peru in the Puno Orogenic Gold Belt
- Palamina (PA) is up by 10.71 per cent and is currently trading at $0.31 per share
Palamina (PA) has completed a C$5 million private placement including investments from Eric Sprott and GoldSpot Discoveries (SPOT).
The company’s non-brokered private placement consisted of 20,000,000 units priced at $0.25 per unit.
Each unit consists of one common share and one warrant.
Each warrant is exercisable to acquire one common share for $0.40 for two years after the date of issuance.
Eric Sprott acquired 8,000,000 units for $2,000,000. Subsequent to the closing of the offering, Sprott owns 12.3 per cent of the company on a non-diluted basis and 21.8 per cent on a partially diluted basis.
Andrew Thomson, Palamina’s President, commented,
“Proceeds from this financing will be used to carry out a maiden drill program on our flagship Coasa Gold Project while utilizing the latest technological insights from Goldspot Discoveries to enhance our understanding of the Puno Orogenic Gold Belt.”
Palamina is focused on four district-scale gold projects in southeastern Peru in the Puno Orogenic Gold Belt.
Palamina (PA) is up by 10.71 per cent and is currently trading at $0.31 per share as of 10:54 am ET.
