ProspectusUse of proceeds:
approximately $4,000,000 will be used to undertake a drilling program on the Castle Mountain Project during the remainder of 2017 and the beginning of 2018 with the objective of increasing the size of the gold resource and the percentage of the resource in the measured and indicated categories;
ii. approximately $3,300,000 will be used for engineering and other work including completion of a prefeasibility study which the Company anticipates to be completed during the second half of 2017;
iii. $4,500,000 will be used to repay certain secured debt owing from the acquisition of Viceroy Gold Corporation in 2012. The face amount of the secured debt is $4,500,000 and is due on September 6, 2018 unless, at any time following September 6, 2017 the Company’s share price exceeds $0.65 per common share based on the 20 day VWAP, in which case the final payment becomes immediately due and can be paid in either cash or common shares at the Company’s option; and
iv. the balance for working capital purposes.