Avidian Gold Corp.’s (TSXV:AVG) (OTCQB:AVGDF) majority owned subsidiary, High Tide Resources Corp. has closed its previously announced non-brokered private placement offering fdor aggregate gross proceeds of $1,099,809.50.
The Offering was oversubscribed by over 35% reflecting significant interest in both High Tide’s Labrador West Iron project and Lac Pegma Copper-Nickel-Cobalt deposit in advance of its intention to list its common shares on a recognised Canadian stock exchange.
The Offering closed in two tranches, with the first tranche closing on September 14, 2021 and consisting of gross proceeds of $505,759.85, and the second tranche closing on September 16, 2021 and consisting of gross proceeds of $594,049.65.
High Tide intends to use the gross proceeds of the Offering primarily for exploration and development activities at its flagship Labrador West Iron Ore project near Labrador City, Newfoundland and Lac Pegma Copper-Nickel-Cobalt deposit south of Fermont, Quebec, as well as for general corporate purposes.
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