2023-06-02 07:41:14 ET
- Gold79 Mines ( OTCQB:AUSVF ) to now raise gross proceeds of up to $1M comprising 33.3M units at $0.03 per unit under private placement. On May 10, the company announced offering of 50M units at $0.04/unit, resulting in gross proceeds of $2M .
- Each unit consists of one common share and one whole common share purchase warrant, that can be exercised for $0.05 per share for a period of 24 months following the date of issuance.
- Additionally, the Warrants will be callable during the 24-month period, at the option of the Company.
- The Company anticipates a first closing of the Offering on or about June 7, 2023 and a final closing on June 23, 2023.
- The company expects to use ~35% of the aggregate proceeds from the Offering for exploration expenditures related to the Gold Chain, Arizona project; ~30% will be used for land management costs and property payments, ~20% will be used for working capital and general corporate purposes, and ~15% will be used to pay management fees to Company officers.
- Source: Press Release
For further details see:
Gold79 amends terms of private placement financing