FAR Resources (FAT) has closed a non-brokered private placement for gross proceeds of $250,950.00.
The company issued 2,380,952 units at a price of $0.105 per unit. Each unit consists of one common share and one 24 months share purchase warrant. The warrant entitles the holder to purchase one common share, excisable at a price of $0.13 per share for 24 months from the date of issue.
All securities issued under the private placement are subject to a mandatory hold period of four months plus 1 day.
Proceeds will be used for general working capital.
Exploration continues at their 100 percent owned Winston Gold and Silver Project located in the Black Range of New Mexico USA. Recent results included exceptional numbers from property-wide confirmatory sampling completed in late 2020 with grades of up to 66.5 g/t gold and 4619 g/t silver. The property’s three mines, Ivanhoe, Emporia and Little Granite are known for their historic production of high-grade gold and silver ores, primarily developed prior to the 1930s with a brief revival in the 1980s but have seen little modern exploration.
FAR Resources Ltd. (FAT) opened trading at C$0.25 per share.