LaFleur Minerals (CSE:LFLR) has raised C$1.66 million ($1.81 million) through a non-brokered private placement to fund exploration and drilling at the company’s flagship Swanson Gold Project, located in Québec.
The company has issued 2.41 million flow-through units at C$0.69 per unit, each comprising one share and one purchase warrant.
Each warrant held will entitle the holder to acquire one additional share at C$0.75, available over a 24-month period from the date of issue.
The company will accelerate expiry of this offer if shares trade at a volume weighted average price of C$0.90 for 14 consecutive trading sessions, four months after the closing of the placement.
Along with activities at the Swanson Project, LaFleur will use funds to conduct flow-through eligible work, such as ore sorting and metallurgical testwork through independent geometallurgists, and work at the Beacon Gold Mill towards production.
LaFleur is currently conducting a preliminary economic assessment of the Beacon Mill, engaging Environmental Resources Management to evaluate a restart of operations.
A refurbished and permitted mill is expected to process more than 750 tonnes of gold per day.
LaFleur Minerals is a gold explorer focused on developing its assets in the Abitibi Gold Belt in Québec.
Write to Maddison Elliott at Mining.com.au
Images: LaFleur Minerals
