Golden Cariboo Looks To Raise $2.5 Million To Support Further Exploration

FULL DISCLOSURE: This is sponsored content for Golden Cariboo Resources.

Golden Cariboo Resources (CSE: GCC) is looking to raise further funds to support the exploration of its Quesnelle Gold Quartz Mine in British Columbia. The company this morning indicated it is looking to raise as much as $2.5 million to further exploration at the property.

The financing, which is to be conducted on a non-brokered basis, will see the company sell up to 10.0 million units at a price of $0.25 per each. Each unit is to contain one common share and one common share purchase warrant. Warrants under the offering are priced at $0.28 per share in the first year, and increase by $0.02 per year, with warrants having an expiry three years from the date of issuance.

Units sold under the offering are to be subject to a four month hold period.

The financing follows the company on Tuesday announcing that personnel have begun preparing for ground geophysical and and geochemical surveys at the Quesnelle Gold project. Brush clearing is currently in progress in an effort to support the surveys, with soil sampling set to occur along select lines and trails to test viability for defining new trenching and drilling targets.

READ: Golden Cariboo Mobilizes Field Crew For Surface Mapping And Prospecting

Geophysics are set to occur at the Main, Halo, and North Hixon zones, which will be conducted by the same team that discovered Osisko’s nearby Bonanza Ledge.

Golden Cariboo Resources last traded at $0.28 on the CSE.

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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