Nevada Sunrise Gold Corporation (TSX.V: NEV) has closed the final tranche of its non-brokered private placement, which was announced on January 15, 2020.
The private placement consisted of 4,650,000 units at a purchase price of $0.10 per Unit for gross proceeds of $465,000. Each Unit is comprised of one common share in the capital of the Company and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share in the capital of the Company at a price of $0.15 per common share for a period of 18 months from the date of issuance.
In connection with the private placement, the Company paid a total of $38,790.50 in cash and issued 388,905 broker warrants to Limited Market Dealer, a division of PI Financial Corp. Each broker warrant entitles the holder to purchase one common share at an exercise price of $0.10 per common share for a period of 24 months from the issue date.
Funds raised from the private placement will be used for exploration of the Company’s Lovelock Cobalt Mine property the exploration of the Company’s Longstreet Property, general working capital.
The securities issued under the private placement are subject to a statutory hold period, which ends on May 17, 2020.
This private placement closes out a very successful fundraising campaign for the Company. In total, Nevada Sunrise raised a record amount of capital in order to finance further exploration of its properties.
This capital raise is an important step as Nevada Sunrise continues to move forward and navigate the challenging availability of funds in the current market environment. We wish Nevada Sunrise the best of luck in its exploration efforts.