The Prospector News

Pure Gold Mining Raises $5.0 Million From the Exercise of Share Purchase Warrants

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

 

 

 

 

 

Pure Gold Mining Inc. (TSX-V: PGM) (LSE: PUR) is pleased to announce that Anglogold Ashanti has exercised 5,036,250 share purchase warrants with a strike price of $0.85, investing an additional $5.0 million into the Company.

 

“Anglogold Ashanti have once again demonstrated their strong support of PureGold as we complete construction and prepare for first gold pour at our PureGold Mine,” says Darin Labrenz, President and CEO. “This latest investment increases their shareholding in PureGold to 16%, maintaining their position as our single largest shareholder.  As one of the cornerstone investors in PureGold, Anglogold Ashanti have supported us through all phases of the development of our PureGold Mine, from discovery to near term production.  We would like to thank Anglogold Ashanti for being a key part of the PureGold story and for sharing our vision for discovery, resource growth and building a long-life growth company in the Red Lake mining district.”

 

The Company currently has approximately $74 million in cash, along with $US35M available in an undrawn credit facility.  To date, 95% of major equipment procurement is complete and the Company has committed approximately 64% of capital expenditures.  With approximately $120 million available in funding, and $72 million remaining on capital expenditure, the Company is in a solid financial position to complete the Pure Gold Mine construction while concurrently advancing our growth strategy through an aggressive exploration program.   

 

About Pure Gold Mining Inc.

 

The PureGold Mine, located in the heart of Red Lake Ontario, is Canada’s next gold mine.  Fully funded, the project is on track to deliver near term gold production into a rising Canadian gold price environment, with first gold pour scheduled for late 2020. The orebody is situated within a seven-kilometre-long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the Company suggest potential opportunities for near-term growth. 

 

Posted August 18, 2020

Share this news article

MORE or "UNCATEGORIZED"


NioCorp Announces Closing of Up-Sized Private Placement for Gross Proceeds of C$6.2 Million

Offering Was Set at a Premium to the Share Price When Launched  ... READ MORE

May 11, 2021

Osisko Drilling Returns High Grade at Lynx

180 g/t Au Over 2.2 Metres 46.8 g/t Au Over 3.3 Metres Osi... READ MORE

May 11, 2021

C2C Gold Corp. Completes $2.63 Million Private Placement and Strategic Investment by Eric Sprott

C2C Gold Corp. (CSE: CTOC;) is pleased to announce that it has c... READ MORE

May 11, 2021

International Consolidated Uranium Acquires the High-Grade Matoush Uranium Project in Quebec, Canada

International Consolidated Uranium Inc. (TSX-V: CUR) is pleased... READ MORE

May 11, 2021

Endeavour Silver Reports Financial Results for the First Quarter 2021

Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) released its finan... READ MORE

May 11, 2021

Copyright 2021 The Prospector News