- Compass Gold (CVB) has announced a $3 million private placement
- The company will issue up to 20,000,000 units at a price of $0.15 per unit
- The proceeds will be used primarily to further advance the company’s ongoing exploration efforts at its Sikasso Property
- Compass Gold Corp is a mineral exploration company
- Compass Gold Corporation (CVB) opened trading at C$0.145 per share
Compass Gold (CVB) has announced a $3 million private placement.
The company will issue up to 20,000,000 units at a price of $0.15 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.30 for a period of three years.
Warrants are subject to an acceleration clause.
The proceeds will be used to further advance the company’s ongoing exploration efforts at its Sikasso Property in southern Mali, as well as for general corporate purposes.
The offering is expected to close on or about May 20, 2022.
Larry Phillips, Compass President and CEO commented on the capital raise.
“We are ready to move forward with a drilling program that will follow up on the excellent results our team in Mali has achieved at Moribala, where several large target zones have been identified. Pronounced gold in shallow soil anomalies and coincident faults from our recent remote sensing study affirms our view that the Moribala permit has excellent potential to host significant economic gold mineralization. Our exploration work this year shows that it is very likely the highest priority targets will extend further along the mineralized faults we have discovered. In addition, our team has identified fifteen target zones that call for ground geophysics testing to provide more precise drilling targets. With the combination of more than 10,000 metres of follow-up drilling and target definition work planned, we are confident that our team will deliver exciting results over the remainder of this year.”
Compass Gold Corp is a mineral exploration company. It is engaged in the acquisition, exploration, and development of mineral resource properties in Mali. Its project includes Mali gold and Sikasso Property.
Compass Gold Corporation (CVB) opened trading at C$0.145 per share.
