Gelum Resources (GMR) has announced non-brokered private placements of flow-through shares and non-flow-through units for aggregate proceeds of up to $2,000,000.
The company will issue up to 2,857,143 flow-through shares and up to 4,000,000 non-flow-through units.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.45 per share for a period of 18 months from the closing of the offering. The warrants are subject to an acceleration clause.
Net proceeds will be used for exploration and drilling on its Eldorado Project, British Columbia and for general working capital.
Gelum Resources is a mineral exploration company. Its principal project is the Eldorado Gold Property located in the Bralorne-Bridge River Gold district in south-central British Columbia.
Gelum Resources Ltd. (GMR) opened trading at C$0.255 per share.