Riley Gold is looking to raise gross proceeds of up to $1.6 million from the placement of up to 4 million units priced at $0.40 per unit. The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.60 for 24 months.
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Video Transcript:
I’m Ebony North for Investmentpitch Media
Riley Gold Corp has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $1.6 million from the placement of up to 4 million units priced at $0.40 per unit.
The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.60 for 24 months.
Net proceeds will be used for project exploration and general working capital.
The shares are currently trading at $0.40.
Riley Gold, a mining exploration and development company, is primarily focused on its two cornerstone assets: the Tokop Gold Project located within the Walker Lane Trend and the Pipeline West/Clipper Project located in the Battle Mountain Eureka Trend, both in Nevada, United States.
Nevada is the world’s 6th largest gold producing region, having produced more than 4,868,000 troy ounces or 151.4 tonnes of gold in 2019.
In early April, the company announced that drilling is currently underway at its Tokop Gold Project, located in Esmerelda County.
The initial drill program is currently permitted for 18, or more, drill holes to be drilled from 17 sites and is slated to complete a minimum of 3,000 metres.
On June 18th, the company announced initial high-grade gold drill results from the first three holes, which targeted near-surface quartz veins, shears, and mineralized fault zones.
Hole TKR-21C returned 9.32 grams per tonne gold over 2.6 metres, starting at 46.2 metres, including 17.1 grams per tonne gold over 1.4 metres plus an additional 235 grams per tonne silver.
TKR-22C returned 1.67 grams per tonne gold over 5.1 metres, starting at 31.9 metres, including 0.4 metres of 3.73 grams per tonne gold plus an additional 82.2 grams per tonne silver.
TKR-23C returned 2.62 grams per tonne gold over 5.94 metres, starting at 102.3 metres, including 4.98 grams per tonne gold over 2.92 metres, plus an additional 97.3 grams per tonne silver over 1.40 metres.
Todd Hilditch, CEO, stated: “We are very pleased to date with our high-grade gold surface and drill results at the Tokop Gold Project in the Walker Lane Trend. We are raising additional capital, within our tight structure, to expand our exploration and knowledge base at Tokop with additional geophysics, mapping and drilling beyond our first program. Additionally, we want to accelerate initial work at our Pipeline West/Clipper Project that adjoins the Nevada Gold Mines JV (joint venture amongst Barrick and Newmont) in the Battle Mountain-Eureka Trend. Our projects have very promising mineralization signatures within world-class precious metals trends in the mining-friendly State of Nevada.”
For more information, please visit the company’s website at www.RileyGoldCorp.com, contact Todd Hilditch, CEO, at 604-443-3831 or by email at info@RileyGoldCorp.com.
I’m Ebony North for Investmentpitch Media
