Noka Resources closes $506,000 private placement
Noka Resources closes $506,000 private placement
2017-04-19 08:26 ET - News Release
Mr. Dominic Verdejo reports
NOKA RESOURCES CLOSES FINANCING AND BOARD OF DIRECTORS APPROVES NAME CHANGE TO PACTON GOLD INC.
Noka Resources Inc. has closed its private placement of 7,228,571 shares at seven cents per share for total gross proceeds of $506,000. The company is also pleased to announce that the board of directors has approved the change of the company's name to Pacton Gold Inc.
Dominic Verdejo, president and chief executive officer of Noka, commented: "With the price of gold up 12 per cent year to date, 2017 will be a transformational year for Noka as we focus on gold and our newly acquired strategic properties in Ontario, respectively the Tully West gold property, the Birch gold property and the Uchi gold property. We will be mobilizing our exploration team in the next couple weeks to initiate our spring drill program at the Tully West gold property, where historical drilling by SGX Resources Inc. intersected 36.7 grams per tonne gold over 6.3 metres in drill hole No. 13-38."
The company issued 28,000 shares and paid $14,770 in finders' fees on the placement. All securities issued under the placement are subject to statutory hold periods expiring Aug. 20, 2017. Proceeds from the private placement will be used to finance continuing exploration and for general working capital.