- Thesis Gold Inc. (TAU) completes its previously announced private placement for total gross proceeds of $24.5 million
- Eric Sprott purchased 3.7 million common shares to hold approximately 6.65 per cent
- The offering is made up of 7.4 million premium flow-through (FT) common shares and 1.87 million regular FT common shares
- Thesis Gold will use the proceeds to fully fund its Ranch Gold Project
- Thesis Gold Inc. (TAU) is up 0.40 per cent trading at $2.49 per share as of 11:46 a.m. EST
Thesis Gold Inc. (TAU) completes its previously announced private placement for total gross proceeds of $24.5 million.
Eric Sprott purchased 3.7 million common shares of Thesis Gold and will hold approximately 6.65 per cent of the issued and outstanding common shares of the company.
The offering is made up of $20 million for 7.4 million premium flow-through (FT) common shares at a price of $2.70 per share. It was in combination with $4.5 million for 1.87 million regular FT common shares for $2.40 share.
Ewan Webster, President and CEO of Thesis Gold, commented,
“With this financing, Thesis is fully funded for its 2022 exploration and drill program where we look to complete up to 50,000 metres.”
Thesis Gold will use the collective gross proceeds to incur eligible Canadian exploration expenses related to its projects, such as the Ranch Gold Project. All qualifying expenditures will be relinquished in favour of the subscribers of the FT shares at the end of this year.
“This program will focus on the expansion potential of the known zones of mineralization in addition to testing new epithermal and porphyry targets across our extensive 100 per cent owned 180-square-kilometre Ranch project,” said Webster.
The offering’s outlines were according to an agency agreement between Thesis Gold and a syndicate of agents. It paid the agents a cash commission representing six per cent of the proceeds raised; and issued them non-transferable broker warrants.
Each broker warrant will entitle the holder to acquire one non-flow-through share for $2.70 per share for two years after closing.
Thesis Gold Inc. (TAU) is up 0.40 per cent trading at $2.49 per share as of 11:46 a.m. EST.
