- Generic Gold (GGC) has raised just over C$7 million in a private placement to fund exploration work at its portfolio of properties in Quebec
- The company issued a total of 16.8 million units at a price of 35 cents each and 2.85 million flow-through units at a price of 40 cents
- Each whole common share purchase warrants issued as part of the units will be exercisable at a price of 50 cents per share until August 10, 2022
- The offering was led by StephenAvenue Securities as the sole agent and sole bookrunner
- Generic Gold (GGC) is currently down 1.02 per cent and is trading at 48 cents per share
Generic Gold (GGC) has raised just over C$7 million in a private placement to fund exploration work at its portfolio of properties in Quebec.
Pursuant to the brokered placement, the Toronto-based company issued a total of 16,858,298 regular units at a price of $0.35 each and 2,857,500 flow-through units at a price of $0.40.
Each regular unit is comprised of one common share and one common share purchase warrant, exercisable at a price of $0.50 per share until August 10, 2022.
Each flow-through unit, on the other hand, is comprised of one common share and half of one common share purchase warrant. Every whole warrant under this portion of the placement will also be exercisable at a price of $0.50 per share until August 10, 2022.
The proceeds from the sale of the regular units will be used for exploration activities at Generic Gold’s portfolio properties in Quebec, as well as for general working capital purposes, while the proceeds from the sale of the flow-through units will be primarily used to explore the company’s recently acquire Belvais Project.
Richard Patricio, President and CEO of Generic Gold, commented on the completion of the financing.
“We are very excited for this opportunity to advance exploration on Generic Gold’s properties, including the newly acquired Belvais Project located in Quebec. We look forward to updating the market on a planned exploration program,” he said.
Generic Gold acquired the Belvais Project in early July this year for a total of $300,000 in cash, 4.5 million common shares and the assumption of $300,000 in exploration work within a period of 12 months.
Generic Gold (GGC) is down 1.02 per cent and is trading at 48 cents per share at 2:30pm EDT.