- Newcore Gold (NCAU) has closed its bought deal public offering
- The company issued 19,167,050 common shares at a price of $0.60 per share
- Aggregate gross proceeds amounted to approximately $11.5 million
- Net proceeds will primarily be used for exploration and development at its Enchi Gold Project in southwest Ghana
- Newcore Gold is up 1.61 per cent, trading at $0.63 at 9:30 am ET
Newcore Gold (NCAU) has closed its bought deal public offering.
The company issued 19,167,050 common shares at a price of $0.60 per share.
Aggregate gross proceeds amounted to approximately $11.5 million, which included the full exercise of the over-allotment option.
The company intends to use the net proceeds of the offering for exploration and development at its Enchi Gold Project in southwest Ghana.
Newcore President and CEO Luke Alexander commented on the financing.
“We are thrilled to welcome Franklin Templeton as an 8 per cent shareholder of Newcore and excited that they share our view about the district-scale exploration opportunity that exists at our Enchi Gold Project. We would also like to thank our existing shareholders for their continued support.
We are excited to be continuing the success we have had to date in advancing Enchi, with Newcore now well-positioned to continue to unlock the value of the Project through the drill bit. This funding will allow us to complete additional drilling focused on resource expansion and discovery drilling to define the multi-million-ounce potential of the property. Management and the Board of Directors continue to have strong shareholder alignment and hold approximately 27 per cent equity ownership post financing.”
Certain directors and management of the company purchased an aggregate of 396,669 shares pursuant to the offering.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer.
Newcore Gold is up 1.61 per cent, trading at $0.63 at 9:30 am ET.