Newcore Gold Ltd (TSXV:NCAU) has closed a bought deal public offering for aggregate gross proceeds to the company of approximately $5.0 million.
“We are delighted to be welcoming a new institutional investor and would also like to thank our existing shareholders for their continued support,” President and CEO, Luke Alexander, said.
“Select insiders also participated in the financing, with Management and the Board of Directors continuing to be strongly aligned with shareholders by way of an approximate 24% equity ownership post financing.
“This funding allows Newcore to continue to advance our Enchi Gold Project on the back of a successful 90,000 metre drill programme that has outlined not only potential resource growth at existing deposits, along strike and at depth, but also identified new discoveries from first pass drilling on early-stage targets, highlighting the district scale potential of the property.
“Newcore continues to be well positioned to continue to unlock the value of the Enchi Gold Project through the drill bit.”
The company intends to use the net proceeds from the Offering to fund exploration and development expenditures at the Enchi Gold Project in southwest Ghana as well as for working capital and general corporate purposes.
The Offering was led by Stifel GMP as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters that included Cormark Securities Inc., Canaccord Genuity Corp., Haywood Securities Inc., Raymond James Ltd., and Sprott Capital Partners LP.
For further information please visit: https://newcoregold.com/
