Contact Gold (C) closed the final tranche of its previously announced non-brokered private placement.
For the final tranche, Contact Gold issued 2.4 million units for gross proceeds of $120,000.
Over the entire offering, Contact Gold issued a total of 60 million units for gross proceeds of $3 million.
The net proceeds of the offering are to be used to finance further drilling at Contact Gold’s Green Springs gold project, continued exploration at the Pony Creek project, and for general working capital purposes.
Each unit consisted of one common share and one half of one common share purchase warrant.
Each warrant entitles the holder to purchase an additional common share at a price of $0.075 per share for two years from the closing date.
Contact Gold may accelerate the expiry date of the warrants by giving notice to the holders.
Aggregate finder’s fees paid in connection with the offering totalled $57,088.74.
Contact Gold Corp. (C) is unchanged trading at $0.05 per share as of 4:23 p.m. EST.