Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) has closed its previously announced non-brokered private placement financing aggregate gross proceeds of C$5.5M
Luke Alexander, President and CEO of Newcore stated, “We are very happy to have had such strong funding support to allow Newcore to continue to advance and de-risk the development of our Enchi Gold Project in Ghana. We would like to thank new and existing shareholders for their continued support. We are thrilled to be welcoming new institutional investors who recognize the significant upside potential at our Enchi Gold Project, as we advance the project towards a pre-feasibility study and continue to explore the district scale potential. Management and the Board of Directors also meaningfully participated in the financing, continuing to be strongly aligned with shareholders by way of an approximate 18% equity ownership post financing. With a drill rig turning at Enchi, we look forward to a busy year ahead as we continue to prove out the significant potential across the property.”
In addition to closing the LIFE Offering, the company has also closed a concurrent non-brokered private placement financing pursuant to which the company issued 151,638 Units at C$0.29 per Unit for aggregate gross proceeds of C$43,975.
Each Unit under the offerings consisted of one common share in the capital of the company and one-half of one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share of the company at an exercise price of C$0.40 per common share at any time on or before 26 September 2025.
The company intends to use the net proceeds of the offerings to fund exploration and development activities at the company’s 100% owned Enchi Gold Project in Ghana, as well as for general corporate and working capital purposes.
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