Canadian junior exploration firm KO Gold has introduced plans to launch a non-brokered personal placement to boost as much as C$2m ($1.4m) to help the corporate’s exploration and drilling programmes in New Zealand’s Otago Gold District.
The corporate will difficulty as much as ten million items priced at C$0.20 every, with every unit within the placement, together with one frequent share and one warrant, which permits the acquisition of an extra share at C$0.25 inside two years.
The proceeds from the personal placement may even be allotted for basic working capital.
Certified events might obtain finder’s charges in money and warrants, with the latter being issued on the identical phrases because the personal placement. All securities issued can be topic to a statutory maintain interval of 4 months and at some point.
KO Gold holds eight 100%-owned prospecting and exploration permits protecting 740km² within the Otago Gold District.
In June 2024, KO Gold unveiled its drilling plans for the Otago Gold District, focusing on high-grade mineralised zones.
KO Gold intends to finish reverse circulation (RC) and diamond drill-holes throughout a number of exploration permits together with Carrick, Hyde, Smylers, and Glenpark.
The first focus can be on discovering high-grade mineralised shear zones throughout the Carrick gold area and testing the mineralised extensions of the Hyde-Macraes Shear zone, which is adjoining to OceanaGold’s Macraes gold mine.
KO Gold is at the moment within the course of of choosing a drilling contractor and securing the mandatory drilling permits and personal land entry agreements.
Over the previous 5 years, KO Gold has invested greater than C$3m in exploration and drilling, together with RC and diamond drilling at its Smylers allow.
“KO Gold launches $1.4m personal placement to fund Otago Gold District exploration” was initially created and printed by Mining Expertise, a GlobalData owned model.
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