ESGold Closes On $3.5 Million In Support Of Development Of Montauban Project
FULL DISCLOSURE: This is sponsored content for ESGold Corp.
ESGold Corp (CSE: ESAU) has secured further funding for the further development of Montauban Gold-Silver project in Quebec. The company this morning indicated it has successfully closed on gross proceeds of $3.5 million, following the completion of a non-brokered private placement.
Proceeds from the financing are slated to be used to initiate mill circuit construction at Montauban, as well as to mobilize the final phase of development at the project. ESGold aims to be one of the newest gold and silver producers in Canada, through the processing of tailings from historic mining operations that occurred at Montauban which will support further exploration of the property.
The financing saw ESGold issue 16.1 million units at a price of $0.215 per each, with each unit containing one common share and one common share purchase warrant. Warrants issued under the offering have an expiry of 24 months from the date of issuance, and an exercise price of $0.30 per share.
“This financing represents a major inflection point for the Company. With construction and processing circuit assembly now advancing, we are delivering on our commitment to build a scalable, profitable mining operation in one of the best jurisdictions in the world. I want to acknowledge the New York-based hedge funds who participated, as well as the loyal shareholders who have stood with us throughout the life of the company. Together, we are now making Montauban a reality,” commented ESGold President Brad Kitchen.
ESGold last traded at $0.50 on the CSE.
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