Canadian mineral explorer Lahontan Gold (TSXV: LG) has completed its previously announced brokered private placement through the issuance of 27,857,400 units at a price of C$0.11 per unit for gross proceeds of C$3,064,314, which includes the exercise of the agents’ option.
The offering was conducted pursuant to the terms and conditions of an agency agreement entered into by Lahontan Gold, Beacon Securities Limited as lead agent and sole bookrunner, and Canaccord Genuity Corp.
Kimberly Ann, Lahontan’s founder, CEO, and president of Lahontan said she is pleased to close this upsized private placement and would like to thank Beacon and Canaccord Genuity Corp for their hard work in completing the placement.
“The company looks forward to the resumption of oxide resource expansion drilling at the Santa Fe Mine and our continued rapid progress with the project,” added Ms Ann.
Lahontan Gold holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan’s flagship property, the 19 km2 Santa Fe Mine, is a past producing gold and silver mine that utilized heap-leach processing.
The Santa Fe Mine has an Indicated Mineral Resource of 1,112,000oz AuEq (grading 1.14g/t AuEq) and an Inferred Mineral Resource of 544,000oz AuEq (grading 1.00g/t AuEq), all pit constrained.
The company plans to continue to aggressively explore the entire property during 2023 and begin the process of evaluating development scenarios to bring the Santa Fe Mine back into production.
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