- Northstar Gold is raising up to C$1.2M in a non-brokered private placement
- The raise includes approximately C$200,000 in flow-through eligible funds
- The first tranche of C$818,750 closed November 14th
- Funds earmarked to advance drilling on the Miller Copper-Gold Property as well as advancing two MOU’s
Vancouver based Northstar Gold (CSE:NSG) is raising up.C$1.2 million in a non-brokered private placement including approximately C$200,000 in flow-through eligible funds.
The first tranche of C$818,750 closed November 14th and consisted of Hard Dollar Units priced at C$0.04 and comprised of one common share of the company and one share purchase warrant.
Each full Warrant is exercisable into one additional common share of the company at an exercise price of C$0.06 for a period of 36 months. Flow Through Units were priced at C$0.045 and comprised of one common share of the company and one share purchase warrant. Each full Warrant is exercisable into one additional common share of the company at an exercise price of C$0.08 for a period of 24 months.
Use of proceeds
Proceeds from the raise will be used to advance the company’s 100 per cent owned Miller Copper-Gold Property, located 18 km southeast of Kirkland Lake, Ontario.
The project is also 18 km south of Agnico Eagle Mines Macassa South Mine Complex.
CEO, Director and President of Northstar Gold, Brian Fowler states that the company “Presently shortlisting bids to drill up to 1,500 metres targeting potentially broad widths of near-surface VMS copper mineralization over a recently defined 350 metre Zone 2 Extension surface EM conductor, along a southeast trend from the historic high-grade Cam Copper Mine.”
Funds will be used for drilling in November as well as following up on two MOU’s – one with Novamera to surgically mine at Cam Copper. The second MOU is with China-based company Hunan Nonferrous to hold a minority stake in the Miller Intrusive Complex gold deposits by funding up to 10,000 meters of diamond drilling.
In addition, Northstar is earmarking a portion of the funds to provide for potential property option agreements to acquire the neighbouring Boston Creek Mines and Philip Properties, both of which are currently secured under LOI (Letter of Intent) agreements.
For more information check out Northstar Gold Corp.
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