Provenance Gold (CSE:PAU) has closed a non-brokered private placement for C$4.5 million ($4.89 million), amid two drill rigs operating at the Eldorado West Project in the US.
As Mining.com.au reported, the company issued 18 million units at C$0.25 each, comprising one share and one-half of a purchase warrant. Each purchase warrant is exercisable at C$0.30 within a five-year period.
In connection with the private placement with a strategic investment group, the parties will enter an investor rights agreement which will cover the investor’s rights to participate in future financing schemes and allow it to maintain pro rata ownership in the event of dilutive issuances.
The Eldorado Project, located near Vale in Malheur, Oregon, contains a historical resource estimate of 1.98 million ounces @ 0.753 grams per tonne gold.
Provenance Gold is a mineral explorer focused on precious metals discoveries in the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Provenance Gold
