Provenance Gold (CSE:PAU) has closed its non-brokered private placement, raising C$2.54 million ($2.84 million) to aid exploration at its Eldorado West and Eldorado East prospects.
The company delegated 12.7 million units at C$0.20 per unit, comprising one share and half of one purchase warrant.
Holders will be eligible to purchase one additional share at a fixed price of $0.25 per share for a period of three years from the issue date.
Provenance paid C$87,045 with the issue of 435,225 broker warrants to assisting parties that introduced subscribers, with each warrant exercisable under the same conditions as subscriber warrants.
CEO Rauno Perttu says the company is pleased with shareholder support and interest in its projects.
“Our Eldorado West and Eldorado East acquisitions are standing out to investors as a district-scale opportunity in Eastern Oregon,” Perttu says.
“We continue to advance these projects diligently and are excited to have this financing behind us to enable our drill program to continue throughout the summer.”
Currently, the company has completed seven of eight drillholes across the area, all displaying visual mineralisation.
“This project has an unusually strong grade and scale,” Perttu adds.
“I believe it is just beginning to reveal its impressive dimensions as we continue to expand our exploration and drilling.”
Provenance Gold is a precious metals explorer focused on the discovery of gold and silver mineralisation in North America.
Write to Maddison Elliott at Mining.com.au
Images: Provenance Gold
