Gold Terra Resource (TSX-V:YGT) has completed a C$10.1 million ($10.3 million) private placement to support two drilling programs at its Yellowknife Gold Project in Canada’s Northwest Territories.
The company raised C$884,801 through the third and final tranche, issuing 4.9 million shares at C$0.18 each. This followed an C$8.75 million first tranche completed on 24 July and a C$446,666 second tranche closed on 6 August.
The non-brokered placement comprised 16 million hard-dollar shares, 10 million flow-through shares, and 20 million charity flow-through shares. No warrants were issued.
Gold Terra paid C$276,090 in finders’ fees and engaged Integrity Capital Group to support the financing. The placement remains subject to final acceptance by the TSX Venture Exchange.
Gold Terra says proceeds will fund general corporate activities and drilling at the Zone 103N target and historical Con Mine tailings.
Drilling began on 7 August to test the northern extension of Zone 103N along the Campbell Shear. A second program targeting the Con Mine tailings is scheduled to begin in September.
The tailings contain an estimated 12 million tonnes of processed ore residues deposited between 1938 and 2003.
Gold Terra says the concurrent programs are designed to confirm and add gold ounces at the Con Mine Option property, which it holds under option from a subsidiary of Newmont (ASX:NEM).
Gold Terra is a Canada-based gold exploration company focused on the Yellowknife greenstone belt, where the Campbell Shear has historically produced about 14 million ounces of gold. Its Yellowknife Project covers 836km² of contiguous tenure and nearly 70km of strike along a mineralised shear system hosting the former Con and Giant gold mines.
Write to France Pinzon at Mining.com.au
Images: Gold Terra Resource
