Roxgold Inc. (ROG:TSX.V) is pleased to announce that it has closed its previously announced non-brokered private placement to African Underground Mining Services Ltd. an affiliate of the Company’s underground mining contractor for its Yaramoko Gold Project in Burkina Faso, West Africa. AUMS has purchased 8,979,286 Roxgold common shares for gross proceeds of US$5 million.
No finders’ fees or commissions were payable in connection with the private placement. The net proceeds of the offering will be used to partially fund the development and exploration of the Company’s Yaramoko Gold Project in Burkina Faso, West Africa, and for general corporate purposes. The Shares are subject to a to a four month hold period, expiring on November 18, 2015.
AUMS is a joint venture between Ausdrill Limited, a leading international mining services business, and Barminco Limited, a specialist underground mining contractor.
Roxgold is a gold exploration and development company with its key asset, the high grade Yaramoko Gold Project, located in the Houndé greenstone region of Burkina Faso, West Africa. The Company is currently advancing Yaramoko’s 55 Zone through construction and expects to commence production in the second quarter of 2016. Roxgold trades on the TSX Venture Exchange under the symbol ROG.
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