- Spanish Mountain Gold (TSXV:SPA) has released the details of a non-brokered private placement in which it will raise up to C$2 million
- The company plans to issue a total of 20 million units at a price of 10 cents each
- These units will be comprised of one common share in the capital of the company and one common share purchase warrant
- The proceeds will be used to fund a summer field work program at the company’s Spanish Mountain Gold Project, along with a maiden preliminary feasibility study
- Spanish Mountain Gold (SPA) is currently up 5.26 per cent and is trading at 10 cents per share
Spanish Mountain Gold (TSXV:SPA) has released the details of a non-brokered private placement in which it will raise up to C$2 million.
Under the terms of the placement, the company intends to issue a total of 20 million units at a price of 10 cents each. These units will be comprised of one common share in the capital of the company and one common share purchase warrants.
Each warrant will entitle the holder to acquire an additional common share at a price of 15 cents, exercisable over a period of two years.
All of the securities issued under the placement will be subject to a mandatory four-month holding period.
The entirety of the proceeds will be used to fund engineering activities at the company’s Spanish Mountain Gold Project in an effort to achieve significant predetermined milestones within the next 12 months.
This is expected to include a summer field work program, as well as the completion of a maiden preliminary feasibility study. Such a study will determine a reserve statement for Phase One of a key mineral deposit, as outlined in a preliminary economic analysis from October 23, 2019.
Larry Yau, CEO of Spanish Mountain Gold, said the company is gearing up to pursue major project milestones now that the substantial challenges brought on by the COVID-19 pandemic have abated.
“I believe the next 12 months will be the most exciting investment horizon in the company’s history.
“Our extensive project work to date and our confidence in our project’s potential economics will allow us to achieve our ambitious objectives with an accelerated timeline and a modest budget,” he added.
Spanish Mountain Gold (SPA) is up 5.26 per cent and is trading at 10 cents per share at 2:49pm EDT.
