Funds To Support Enchi Work In Ghana
Newcore Gold Ltd. (TSXV: NCAU, OTCQX: NCAUF) has closed a bought deal public offering for approximately $11.5 million.
President and CEO, Luke Alexander, said the company intends to use the net proceeds of the Offering for exploration and development at its Enchi Gold Project in southwest Ghana, as well as for working capital and general corporate purposes.
“We are thrilled to welcome Franklin Templeton as an 8% shareholder of Newcore and excited that they share our view about the district scale exploration opportunity that exists at our Enchi Gold Project,” Mr Alexander said.
“We would also like to thank our existing shareholders for their continued support. We are excited to be continuing the success we have had to date in advancing Enchi, with Newcore now well positioned to continue to unlock the value of the Project through the drill bit.
“This funding will allow us to complete additional drilling focused on resource expansion and discovery drilling to define the multi-million-ounce potential of the property. Management and the Board of Directors continue to have strong shareholder alignment and hold approximately 27% equity ownership post financing.”
The Offering was led by Cormark Securities Inc. as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters that included Stifel GMP, Raymond James Ltd., Haywood Securities Inc., and Sprott Capital Partners LP.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer. Enchi’s 216 sq. km land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several five million-ounce gold deposits, including Kinross’ Chirano mine 50 km to the north.
For further information please visit: https://newcoregold.com/
