First tranche of financing closed. FenixOro closed the first tranche of its previously announced non-brokered private placement. The company has issued a total of 7,725,531 units at a subscription price of $0.31 per unit for gross proceeds of $2,394,914.61 in the first tranche. Each unit consists of one common share of the company and one common share purchase warrant, with each warrant being exercisable for one additional common share at an exercise price of $0.34 for a period of two years from their date of issuance. During the next few weeks, FenixOro expects to close a second tranche of the private placement bringing aggregate gross proceeds up to C$3,000,000.Enhanced flexibility to accelerate drilling. Net proceeds of the private placement will be used to accelerate the company's Phase 2 drilling program at the Abriaqui project by adding one or two drill rigs and identifying and drilling new discovery targets, particularly on the highly prospective southeast license area.Next steps. Drilling will continue with at least two or more infill holes in the Northwest Vein Corridor (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 a Phase 2 program, formal resource-definition drilling may begin in the NWC to define a maiden resource on up to 16 veins compared to 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 >>