Golden Cariboo Raises $1.3 Million Under First Tranche Of Financing

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

Golden Cariboo Resources (CSE: GCC) has successfully closed the first tranche of its ongoing private placement. The placement, announced in January, aims to raise gross proceeds of $2.0 million for the company.

The first tranche of the placement has seen the company successfully raise $1.3 million to date, resulting in the issuance of 13.16 million units at a price of $0.10 per unit. Each unit contains one common share, and one half of a common share purchase warrant. Each warrant contains an exercise price at $0.12, which is set to increase by $0.02 per share until hitting $0.20 per share in year five.

Shares issued under the financing are subject to a four month hold.

Proceeds from the financing are expected to be used for property exploration and general working capital.

Golden Cariboo Resources last traded at $0.21 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.

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