Corvus Gold Inc. (TSX:KOR) (OTCQX:CORVF) announces the closing of a CAD $2,601,000 non-brokered private placement at CAD $1.02 per share. Pursuant to the Private Placement, the Company issued 2,550,000 common shares with no warrant, representing approximately 2.8% of the outstanding Corvus common shares. The common shares issued in the Private Placement are subject to a hold period which expires on January 26, 2017. The sole participant in the Private Placement is Osisko Mining Inc. (TSX: OSK). Proceeds from the Private Placement are expected to accelerate the Company’s North Bullfrog exploration program in 2016 and beyond.
Jeffrey Pontius, Corvus’ CEO states “Corvus is very pleased to be adding the Osisko group to our shareholder register. The additional funding will be used to accelerate the exploration program at our North Bullfrog project where recent results have been encouraging. The Osisko group has had a long history of recognizing quality investment opportunities and we are pleased they have chosen to invest with the Corvus team as we work to deliver the next major Nevada gold deposit.”
The foregoing securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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