Spanish Mountain Gold Ltd. (TSXV: SPA) has closed a non-brokered private placement for aggregate gross proceeds of $6,000,000.
Each Unit consists of one common share of the Company and one half of one share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share of the company at a price of $0.25 per common share for a period of 24 months, subject to earlier expiry if the ten-day volume weighted average price exceeds $0.30 per common share.
The company intends to use the proceeds from the Offering for exploration and development at its Spanish Mountain Project and for general working capital purposes. All securities issued in connection with the Offering will be subject to a statutory hold period of four months.
About the company
Spanish Mountain Gold Ltd. is focused on advancing its wholly-owned namesake Project in southern central British Columbia.
For further information please visit: https://spanishmountaingold.com
