Monterey Minerals (CSE: MREY) has closed the first tranche of the private placement announced earlier this week. The junior gold explorer raised gross proceeds of $1.18 million within the first tranche, as a part of the $1.5 million financing.
An aggregate 23,510,000 units were issued under the tranche, with each unit consisting of one common share and one common share purchase warrant. Each warrant is exercisable for a period of twenty four months from the date of closing, and has an exercise price of $0.10 per common share.
Proceeds from the financing are largely to be used to fund an exploration program on the issuers Alicia Gold Project, located in the Philippines. The project currently covers 932 hectares, and consists of a known gold occurrence that is recognized as a declared mineral reservation by the Philippine Mines and Geosciences Bureau. Monterey currently has an exploration permit for the property that was issued in 2016 for a period of up to ten years, with the permit also including the right to mine. The project itself contains a system of twelve veins contain gold and silver among other base metals.
Monterey Minerals last traded at $0.065 on the CSE.
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