Private placement. FenixOro expects to raise gross proceeds in the amount of C$3,000,000 with the private placement of units priced at C$0.31 per unit and consisting of one common share and one whole common share purchase warrant. For a period of two years from the date of issuance, each warrant is exercisable at a price of C$0.34 for one common share. All securities issued are subject to a hold period of four months and one day. Closing is expected to be completed on or about November 15, 2021. In our view, the placement is priced on favorable terms considering the full purchase warrant.Momentum building. Financially, both the company’s August 2021 quarter expenses and the sizing and terms of the private placement terms were in line with previous assumptions. The company will use the net proceeds to expand and accelerate its Phase 2 drilling program at the Abriaqui gold project by adding one or two drill rigs, identifying and drilling new discovery targets, and accelerating progress toward a maiden resource estimate.Drill program exceeding our expectations. Assay results have been released for the first three holes, along with partial results for the fourth, from the initial Phase 2 infill drill holes in the Northwest Vein Corridor (NWC). Drilling will continue with at least two or more infill holes in the NWC, one infill hole in the East-West Vein Corridor (EWC), and 4 to 5 holes in the prospective southeast license area. The program is expected to continue into the first calendar quarter of 2022. Following the Phase 2 program, formal resource-definition drilling may begin in the NWC to define a maiden resource on up to 16 veins compared to the four that are currently being modeled.Rating is Outperform. To date, the company’s exploration and drilling activities have focused on the northern group of concessions and so only a small portion of the project area has been explored and drill tested. Recent drilling intersected a new high-grade vein in a newly defined trend of a least 4 new veins. Three main veins in the northwest corridor revealed an increase in average grade and thickness. Read More >>