Corvus Gold Inc. (TSX:KOR) (OTCQX:CORVF) announces it has completed a CAD $4,500,002 private placement. Pursuant to the Private Placement, the Company issued 1,730,770 common shares at a price of CAD $2.60 to a key strategic shareholder. No warrants were issued. Proceeds of the financing will fund the planned Phase Three 30,000 metre exploration drill program at Mother Lode project through 2018-19.
Jeff Pontius, President and CEO of Corvus, said, “We are pleased to have secured the funding for our Phase Three Mother Lode exploration program with a strategic investor. The Company appreciates the confidence this investment shows in Corvus Gold’s ability to advance the large new Nevada, North Bullfrog and Mother Lode gold projects. Our shareholders can look forward to continued news flow on our progress of the Mother Lode project including a maiden resource expected in Q3 and a combined North Bullfrog-Mother Lode preliminary economic assessment expected in Q4.”
The common shares issued in the Private Placement are subject to a minimum 6-month hold period unless otherwise registered under applicable securities laws. The Toronto Stock Exchange has granted conditional approval to the issuance of the Corvus common shares under the Private Placement.
The foregoing securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended or any applicable state securities laws and may not be offered or sold 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.
About the North Bullfrog & Mother Lode Projects, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 72 km² in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 865 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor as well as a large water right. The Company also controls 194 federal unpatented mining claims on the Mother Lode project which totals 1,597 hectares which it owns 100% of.
About Corvus Gold Inc.
Corvus Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining project at the North Bullfrog and Mother Lode Districts in Nevada. In addition, the Company controls a number of royalties on other North American exploration properties representing a spectrum of gold, silver and copper projects. Corvus is committed to building shareholder value through new discoveries and the expansion of its projects to maximize share price leverage in an advancing gold and silver market.
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We acknowledge the [financial] support of the Government of Canada.