PVW Resources (ASX:PVW) is running a $2.5 million placement amid the acquisition of the Cobb Creek, Colorado Gulch, and Silverstar projects, all strategically located in the US.
The company will issue around 166.67 million shares at $0.017 per share, along with a free attaching option on a two-to-three basis, holding an exercise price of $0.025 to expire two years from the issue date.
The first tranche intends to issue 49.93 million shares prior to 30 September, before tranche two will issue up to 101.59 million shares and 101.01 million options following shareholder approval.
CPS Capital is acting as the lead manager for this placement.
Additionally, PVW has entered a binding agreement to acquire 100% of shares in Southern Prospecting, offering the company exclusive options to acquire its three US projects, totalling 34.4km2 of gold and silver assets in Nevada and Idaho.
The Cobb Creek Project is located in the Independence Trend in Nevada, which runs parallel to the Carlin Trend.
Both trends are prospective for epithermal and structurally-controlled gold deposits and mines.
Over in central Idaho, the company will also obtain interest in the Colorado Gulch Project and Silverstar Project.
PVW says the Idaho projects are surrounded by multiple “significant” gold and silver deposits and mines.
PVW’s incoming director Martin Walters says the company is now funded to move into follow up exploration programs across all of its new projects.
“We are bringing PVW into Nevada at exactly the right time,” Walters says.
“The state is experiencing a genuine gold boom, with majors and juniors alike aggressively drilling extensions on the Carlin and Independence trends.
“Nevada is already one of the world’s greatest gold producers, and yet projects like Cobb Creek remain virtually untouched since the early 1990s. That underexplored potential, in the middle of a world-class district, is incredibly rare.”
PVW Resources is a resources company focused on advancing its project portfolio across tier one mining jurisdictions in Western Australia’s Tanami, Gascoyne, Kalgoorlie, and Leonora areas and Brazil.
Write to Maddison Elliott at Mining.com.au
Images: PVW Resources
