Big Ridge Gold Corp. (TSXV:BRAU) announces a non-brokered private placement to raise up to $2 million from $0.20 flow-through units. The net proceeds will be used for resource expansion drilling at the Hope Brook Gold Project.
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Big Ridge Gold Corp. (TSXV:BRAU) has announced a non-brokered private placement.
The company is looking to raise up to $2 million from the placement of up to 10 million flow-through units, priced at $0.20 per unit.
Each flow-through unit consists of one share and one half a warrant, with each full warrant exercisable at $0.27 for a period of 24 months.
Should First Mining Gold elect to exercise its right to maintain its pro rata ownership, which is currently 10.6%, Big Ridge will apply to the TSX Venture Exchange to increase the offering to up to 11,060,000 units.
The shares are trading at $0.18.
The net proceeds will be used for resource expansion drilling at the Hope Brook Gold Project.
The Hope Brook Gold Project is located at the Southwest coast of the island of Newfoundland, in the Province of Newfoundland and Labrador, Canada.
The property hosts a 28-person camp, existing tails storage capacity, a 1,100 metre airstrip and is connected to grid power.
BP-Selco made the Hope Brook discovery in 1983 and the mine was put into production in 1987, operated from 1987 until 1997 and produced 752,163 ounces of gold during that time.
The project has a current high-grade gold resource consisting of 844,000 ounces of gold in the Indicated category and 110,000 ounces of gold in the Inferred category.
The company also owns a 100% interest in the highly prospective 36,000-hectare Oxford Gold Project in Manitoba.
The project has an historic non-compliant resource estimate of 154,000 ounces grading 6 g/t gold and is permitted for an upcoming exploration program.
The company also owns 100% of the 5,013-hectare Destiny Gold Project, located approximately 70 kilometres northeast of Val d’Or, Quebec, which has a NI 43-101 compliant resource.
For more information, please visit the company’s website www.BigRidgeGold.com, contact Mike Bandrowski, President and CEO, at 416-540-5480 or email mike@BigRidgeGold.com.
