Participants Include Tocqueville Asset Management L.P and AngloGold Ashanti (U.S.A) Exploration Inc.
TSX: KOR OTCQX: CORVF
VANCOUVER, Feb. 27, 2015 /CNW/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the closing of a CAN $4,500,000 non-brokered private placement. Pursuant to the financing the Company issued 4,500,000 common shares at a price of CAD $1.00 per share. Insider participants in the private placement include Tocqueville Asset Management L.P. and AngloGold Ashanti (USA) Exploration Inc. two of the Company's largest and long term shareholders. Full transaction details can be found on SEDI (www.sedi.ca).
Jeff Pontius, Corvus Gold CEO states "The closing of this financing on terms that minimize shareholder dilution in a challenging market highlights the confidence and commitment of our major shareholders. The proceeds will fully fund Corvus Gold's proposed 2015 exploration program which will be targeting additional Yellowjacket type deposits throughout the District. Exploration over the past year has identified numerous favourable structural targets which are similar to the high-grade Yellowjacket and historic Bullfrog vein systems. The initial phase of exploration drilling will begin in Q2 of this year. The positive results from the 2014 drilling program and the District exploration program have provided encouragement for the discovery of multiple veins and for the North Bullfrog project to develop into a new Nevada high-grade District."