Precipitate Gold Corp. (TSX-V: PRG) is pleased to announce the closing of its non-brokered private placement of 10,174,820 units of the Company at a price of $0.13 per unit for gross proceeds of C$1,322,727.
Each unit consists of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share at a price of C$0.20 per common share until November 6, 2021. Precipitate will apply the net proceeds of the offering to the Company’s projects in the Dominican Republic as well as general working capital purposes.
Jeffrey Wilson, Company President & CEO stated, “We are excited to close this important equity financing, as the proceeds provide the required capital for the Company to execute on its highly anticipated exploration drilling program within the Loma Cuaba Lithocap Zone of its 100% owned Pueblo Grande Project adjacent to Barrick’s world-class Pueblo Viejo gold-silver mine in the Dominican Republic. As previously reported, the Company’s recent work has successfully delineated and prioritized eight fully permitted distinct target areas that will be the focus of the upcoming diamond drilling campaign. The Company’s technical team is commencing preparations in advance of the commencement of drilling.”
The Company paid commissions to finders under the placement consisting of aggregate cash commissions of C$13,026 and the issue of an aggregate of 100,200 finder’s warrants. Each finder’s warrant entitles the holder to purchase one common share of Precipitate at a price of C$0.20 per common share until November 6, 2021.
All securities issued or issuable under the offering are subject to a four-month hold period expiring on March 7, 2020, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Final closing of this Offering is subject to final acceptance by the TSX Venture Exchange.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Pueblo Viejo Mining Camp and Tireo Gold Trend of the Dominican Republic. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the Company’s portfolio and increase shareholder value.
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