Falcon Gold (TSXV: FG) this afternoon announced that it will be conducting a financing for $100,000 in gross proceeds, which will be put towards developing the firms Red Lake and Central Canada Gold projects.
The financing is notably at a price of $0.075 per unit, a premium to the current market price, with each unit consisting of one common share and one transferable purchase warrant. Each warrant comes with a term of 24 months, and enables the purchaser to acquire one common share at a price of $0.10 per share.
Falcon Gold is currently conducting a drill program at its Central Canada gold project, for which it recently announced the completion of three drill holes. While assays have not yet been announced, the company identified that visible gold was present within the samples.
Falcon Gold last traded at a price of $0.06 per share on the TSX Venture on volume of 362,000.
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