Golden Cariboo Aims To Raise $2.0 Million

FULL DISCLOSURE: The Deep Dive is long the equity of Golden Cariboo Resources

Golden Cariboo Resources (CSE: GCC) is looking to raise funds after rejigging its management team last week. The company, now helmed by Frank Callaghan whom is credited with the discovery of Bonanza Ledge and later turned the discovery into a mine under Barkerville Gold Mines, is looking to raise funds to fund exploration.

The financing will see the company aim to raise $2.0 million via the sale of units priced at $0.10 per each. Each unit is to contain one common share and one half-warrant. Warrants are set to have an expiry of five years, and an exercise price of $0.12 in the first year, which increases by two cents per year, hitting $0.20 in year five.

Funds are to be raised on a post-consolidated basis, with the company on Friday revealing that it would be rolling back its share count to 14.5 million shares outstanding after conducting a one-for-three share consolidation.

At the same time, Golden Cariboo intends to settle $423,250 of debt that is held by Callaghan, with 4.2 million units to be issued to settle that debt. The settlement will result in Callaghan increasing his stake in the company to 39.16% on a non-diluted, pre-financing basis.

Golden Cariboo Resources last traded at $0.045 on the CSE.


FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Golden Cariboo Resources. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Golden Cariboo Begins 5,000 Metre Drill Program At Quesnelle Gold Quartz Mine

Drilling is set to begin at the Quesnelle Gold Quartz Mine property, operated by Golden...
Tuesday, May 9, 2023, 09:24:46 AM

Golden Cariboo Raises $1.3 Million Under First Tranche Of Financing

Golden Cariboo Resources (CSE: GCC) has successfully closed the first tranche of its ongoing private...
Friday, March 1, 2024, 10:45:44 AM

Golden Cariboo Reports 0.87 g/t Gold Over 32.0 Metres After Further Compiling Data

Golden Cariboo Resources (CSE: GCC) has provided updated assay results for a previously released drill...
Tuesday, May 7, 2024, 08:32:09 AM

Golden Cariboo Intersects 2.77 g/t Gold Over 6.25 Metres In Latest Results

Golden Cariboo Resources (CSE: GCC) has released the final assay results from hole QGQ23-04, which...
Tuesday, April 30, 2024, 09:11:10 AM

900-Foot Gold Vein: Future Results Could Be Even Better | Frank Callaghan – Golden Cariboo

In this interview with Frank Callaghan, President and CEO of Golden Cariboo Resources (CSE: GCC),...
Sunday, November 24, 2024, 01:54:00 PM