Source: AZoMining.com
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  • The company will issue 4,000,000 units at C$0.40 per unit for gross proceeds of up to C$1,600,000
  • The company may pay finders’ fees in cash or issue finder’s units
  • The private placement is subject to regulatory approval
  • Riley Gold is a mining exploration and development company focused in Nevada
  • Riley Gold Corp. (RLYG) opened trading at C$0.40 per share

Riley Gold (RLYG) is pleased to announce a non-brokered private placement for gross proceeds of up to C$1,600,000.

The company will issue 4,000,000 units at C$0.40 per unit.

Each unit will be comprised of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share at an exercise price of C$0.60 for a period of 24 months.

All securities issued will be subject to a four-month hold period.

The company may pay finders’ fees in cash or issue finder’s units. The private placement is subject to regulatory approval.

Net proceeds will be used for project exploration and general working capital purposes.

“We are very pleased to date with our high-grade gold surface and drill results at the Tokop Gold Project in the Walker Lane Trend. We are raising additional capital, within our tight structure, to expand our exploration and knowledge base at Tokop with additional geophysics, mapping and drilling beyond our first program. Additionally, we want to accelerate initial work at our Pipeline West/Clipper Project that adjoins the Nevada Gold Mines JV (joint venture amongst Barrick and Newmont) in the Battle Mountain-Eureka Trend. Our projects have very promising mineralization signatures within world-class precious metals trends in the mining-friendly State of Nevada,” commented Todd Hilditch, CEO.

Riley Gold is a mining exploration and development company focused in Nevada, USA. The company’s primary focus is on its two cornerstone assets: the Tokop Gold Project located within the Walker Lane Trend and the Pipeline West/Clipper Project located in the Battle Mountain Eureka Trend.

Riley Gold Corp. (RLYG) opened trading at $0.40 per share.

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