- Gold Lion Resources (GL) is looking to raise up to C$5 million to fund exploration work at its gold projects in Idaho, USA
- Under the terms of the offering, the company intends to issue between 6,666,667 and 11,111,111 units at a price of $0.45 each
- These units will be comprised of one common share and one common share purchase warrant, exercisable at a price of $0.60 per share for a period of 24 months
- Exploration activities will focus primarily on the Robber Gulch property, but may also include the South Orogrande and Erikson Ridge properties
- Gold Lion Resources (GL) is currently steady at $0.50 per share
Gold Lion Resources (GL) is looking to raise up to C$5 million to fund exploration work at its gold projects in Idaho, USA.
Under the terms of the offering, the company intends to issue between 6,666,667 and 11,111,111 units at a price of $0.45 each. These units will be comprised of one common share and one common share purchase warrant.
Each warrant will be exercisable at a price of $0.60 per share for a period of 24 months from the date of issuance.
Eight Capital has been appointed as the agent for the offering, and has been granted an over-allotment option to acquire up to an additional 15 per cent of the offering. This option is exercisable, either in whole or in part, within 30 days of the financing’s completion.
According to today’s announcement, much of the proposed exploration work will focus on the Robber Gulch property, located 30 kilometres southwest of the town of Burley.
Previous drilling activities at Robber Gulch returned a number of substantial results, including 18.3 metres at 0.23 grams per tonne of gold and 24.4 metres at 0.56 grams per tonne of gold.
Pursuant to an announcement dated April 7, 2020, the property is currently held under an option agreement with EMX Royalty, under which Gold Lion may acquire up to a 100 per cent interest.
A portion of the proceeds from the financing may also be used to fund exploration work at the company’s other projects in Idaho – South Orogrande and Erikson Ridge – as well as for general corporate purposes.
Gold Lion Resources (GL) is currently steady at $0.50 per share at 3:21pm EDT.