Secova Metals is looking to raise gross proceeds of up to $500,000 from the placement of up to 2,702,703 flow-through shares priced at $0.185 per share.
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I’m Ebony North for Investmentpitch Media
Secova Metals has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $500,000 from the placement of up to 2,702,703 flow-through shares priced at $0.185 per share.
The shares, which began trading on the CSE on October 6, following its delisting on the TSX Venture Exchange, are currently trading at $0.14.
The net proceeds will be directed toward the company’s two Quebec properties, thereby providing maximum tax deductions for Quebec residents.
Secova’s principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometers west of Quebec City, where the company is proposing to commence operations by the middle of 2022.
The Montauban Mine Property was mined intermittently between 1910 and 1990, which resulted in a number of tailings piles which the company intends to reprocess for gold and silver using modern milling techniques and concurrently remediate the site.
The primary zone of interest is the Anacon Lead 1 tailings site which underwent a historic resource estimation in 2011 and will be remediated during the process.
Additionally, there are four other tailings sites which will be evaluated as modern mill feed.
The company retained John Langton, P. Geo of JPL GeoServices Inc. to produce a NI-43-101 Technical Report and Mineral Resource Estimate for the Montauban Site project.
Mr. Langdon has extensive experience with the project, having previously worked with DNA Canada, the prior owners of the Montauban Project.
In November, the company announces a non-brokered private placement of unsecured convertible debentures, convertible at $0.25 a share, to raise up to $5 million, with the net proceeds to be used for development of the Montauban Project and for working capital.
The company’s main exploration focus is its 100% ownership of the Eagle River project, which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec.
The company previously completed property wide surface geochemical sampling and prospecting over favourable areas where known favourable greenstone and ultramafic rocks have been regionally identified and has mobilized a Québec based drill contractor to commence additional overburden drilling.
For more information, please visit the company’s website at www.secova.ca, contact Brad Kitchen, Chairman and CEO, 604-803-5229 or by email at info@secova.ca.
I’m Ebony North for Investmentpitch Media
