- The company elected to accelerate the expiry date of the 22,325,000 warrants issued on July 8, 2020
- Big Ridge is pleased to confirm that 100 per cent of the 22,325,000 warrants have been exercised for gross proceeds of $4,465,000
- Big Ridge has received all necessary permits to open and operate the Hope Brook camp and commence the summer exploration program
- Big Ridge Gold Corp. is an exploration and development company
- Big Ridge Gold Corp. (BRAU) opened trading at C$0.295 per share
Big Ridge Gold (BRAU) is pleased to provide an update on its warrant acceleration and the handover of the Hope Brook Gold Project.
Warrants fully exercised
The company elected to accelerate the expiry date of the 22,325,000 warrants issued on July 8, 2020, in connection with the subscription receipt offering completed under its predecessor name, Alto Ventures Ltd. Big Ridge is pleased to confirm that 100 per cent of the 22,325,000 warrants have been exercised for gross proceeds of $4,465,000.
Big Ridge has a strong cash position of approximately $11.4 million and is in great shape to work toward the initial Phase I earn-in to acquire 51 per cent in the Hope Brook Gold Project by spending $10 million over the next three years.
Hope Brook Gold Project
Big Ridge has received all necessary permits to open and operate the Hope Brook camp and all exploration and water permits are in place to commence the summer exploration program. Initial work will include re-sampling of the historic core, prospecting, geophysics and a drill program expected to commence this quarter.
Michael Bandrowski, President & CEO of Big Ridge commented,
“With more than $11 million of cash in our treasury, we are excited about the start of our first phase program designed to unlock the full potential of the former producing Hope Brook Gold Project.”
Mr. Bandrowski continues,
“The known mineralization at Hope Brook provides a great resource to build on and the highly prospective targets in and around the deposit provide an opportunity to make further discoveries and potentially find the source of Hope Brook mineralization.”
Big Ridge Gold Corp. is an exploration and development company committed to the development of advanced-stage mining projects. Big Ridge owns 100 per cent interest in the highly prospective Oxford Gold Project located in Manitoba, 100 per cent interest in the Destiny Gold Project in Quebec and is exploring the Beardmore-Geraldton gold belt in Ontario.
Big Ridge Gold Corp. (BRAU) opened trading at C$0.295 per share.