Newcore Gold Ltd.(TSXV: NCAU | OTCQX: NCAUF) has announced that it has received approximately C$3.3M from the exercise of 16,666,666 common share purchase warrants of the company which expired on 28 June 2024.
The warrants had an exercise price of C$0.20 and were originally issued on 28 June 2023 following the completion of a non-brokered private placement financing.
Luke Alexander, president, and CEO of Newcore stated, “We would like to thank our shareholders for their continued support and confidence in the company through the exercise of the Warrants. Management and board of directors also exercised warrants they held and continue to be strongly aligned with shareholders by way of an approximately 20% equity ownership. This funding allows Newcore to continue to advance and de-risk development of our Enchi Gold Project in Ghana, with completion of additional drilling, metallurgical test work and exploration work to continue to define the potential of the project.”
The company is now funded for a 10,000m drill programme with a cash balance of approximately C$4.7M. Post exercise and expiry of the warrants, the company’s share capital consisted of 189,460,129 common shares issued and outstanding and dilutive securities consisting of 11,270,000 stock options, 1,371,000 RSUs and PSUs, with no additional warrants outstanding.
To find out more, please visit www.newcoregold.com
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