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Newcore Gold Announces Proceeds of $3.3 Million from Warrant Exercise

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Newcore Gold Announces Proceeds of $3.3 Million from Warrant Exercise






Newcore Gold Ltd. (TSX-V: NCAU) (OTCQX: NCAUF) is pleased to announce that it has received total proceeds of approximately $3.3 million from the exercise of 16,666,666 common share purchase warrants of the Company which expired on June 28, 2024. The Warrants had an exercise price of $0.20 and were originally issued on June 28, 2023 following the completion of a non-brokered private placement financing.


Luke Alexander, President and CEO of Newcore stated, “We would like to thank our shareholders for their continued support and confidence in the Company through the exercise of the Warrants. Management and Board of Directors also exercised Warrants they held and continue to be strongly aligned with shareholders by way of an approximately 20% equity ownership. This funding allows Newcore to continue to advance and de-risk development of our Enchi Gold Project in Ghana, with completion of additional drilling, metallurgical testwork and exploration work to continue to define the potential of the Project.”


The Company is now funded for a 10,000-metre drill program announced on June 26, 2024 with a cash balance of approximately $4.7 million. Post exercise and expiry of the Warrants, the Company’s share capital consisted of 189,460,129 common shares issued and outstanding and dilutive securities consisting of 11,270,000 stock options, 1,371,000 RSUs and PSUs, with no additional warrants outstanding.


About Newcore Gold Ltd.


Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer (1). Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 20% equity ownership, and prime district scale exploration opportunities. Enchi’s 248 km2 land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits, including the Chirano mine 50 kilometers to the north. Newcore’s vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.

(1) Source: Production volumes for 2023 as sourced from the World Gold Council.


Posted July 3, 2024

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