Use of Funds v
USE OF PROCEEDS
The estimated net proceeds to the Company from the Offering will be approximately $142,100,380 after deducting
the Underwriters’ Fee and the estimated expenses of the Offering. The Company intends to use the net proceeds of
the Offering to fund the commencement of various early works projects and the acquisition of equipment relating to
the construction of the Company’s Valentine Gold Project as follows:
Use Amount
Mine infrastructure and development $15,000,000
Mining Equipment $10,000,000
Engineering, and Procurement (including deposits on
long lead items)
$25,000,000
Owners Team, Bonding, and Insurance $20,000,000
Bulk Earthworks $20,000,000
Roads, Camp, Communications & Power $52,100,380
Total $142,100,380