- Compass Gold (CVB) has issued a total of 13,387,500 common shares for gross proceeds of $2,677,500
- Funds will be used to launch an extensive follow-up drill program at its Sikasso property
- Compass Gold Corp is a mineral exploration company
- Compass Gold Corporation (CVB) opened trading at C$0.185 per share
Compass Gold (CVB) has issued, on a non-brokered private placement basis, a total of 13,387,500 common shares for gross proceeds of $2,677,500.
Larry Phillips, Compass Gold’s President and CEO remarked,
“Thanks to the support of our loyal existing shareholders, we are very pleased to have been able to complete our latest private placement so quickly. The fact that this financing was taken up entirely by current shareholders, insiders and our management team has enabled us to substantially reduce dilution for those investors who have supported us in the past.
Now, with these funds in hand, we are ready to launch an extensive follow-up drill program to test beneath the exciting near-surface targets that our technical team has identified. We will be reporting results throughout the course of the rainy season between now and November as we advance towards our goal of identifying an open-pittable gold deposit at Sikasso.”
Compass has recently identified several targets for follow-up deeper reverse circulation and diamond drilling on the Tarabala Trend. The purpose of the drilling will be to test the width, grade and continuity of previously defined near-surface gold mineralization, and determine whether subsequent resource definition drilling is warranted.
At the same time, Compass continues to advance exploration throughout its 867 sq. km Sikasso property, where it has identified additional targets that will be drill tested in due course.
Compass paid finder’s fees of an aggregate of $36,300 (in cash), 375,000 common shares and 556,500 compensation warrants. Each compensation warrant is exercisable to acquire one common share at a price of $0.20 for a period of two years.
All the shares issued are subject to a four-month hold period. The offering is subject to final acceptance by the TSX Venture Exchange.
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$0.185 per share.