Falcon Gold (FG.V), a Canadian mineral exploration company focused on the generating, acquiring and exploring assets in the Americas, announced today that it had closed its previously announced non-brokered private placement for gross proceeds of $300,000 CAD.
Four million common shares were issued in the financing with each unit consisting of one common share and one common share purchase warrant.
Warrants can be exercised at $0.10 for a 36-month term after closing. The shares issued are subject to a standard four-month hold period.
Proceeds will be used for general working capital and exploration expenditures.
Company insiders, Karim Rayani, CEO and director, as well as James Farley, director, participated in the financing. Rayani subscribed for one million units for a total of $75,000 and Farley subscribed for 400,000 units for a total of $30,000.
The private placement closure is still subject to regulatory approval.
Falcon’s flagship Central Canada gold mine is located approximately 20 kilometres southeast of Agnico Eagle’s Hammond Reef gold deposit, which currently has an estimated reserve of 3.32 million ounces of gold and 2.3 million gold ounces measured and indicated.
Karim Rayani spoke with Jody Vance earlier this year about the company, its portfolio and what investors can expect:
Falcon Gold currently trades at $0.10 per share for a market cap of $11.34 million.
Full Disclosure: Falcon Gold is an Equity.Guru marketing client.