Monterey Minerals (CSE: MREY) has closed its long awaited non-brokered private placement, raising gross proceeds of $1,629,500, with the financing being oversubscribed from the initial $1.5 million offering. The second tranche of the placement closed this evening, raising final proceeds of $454,500 in the tranche.
The financing saw units sold at a price of $0.05 each, with units containing one common share and one common share purchase warrant with an exercise price of $0.10 per warrant for a period of 24 months. A total of 32.59 million units were issued in connection with the offering.
Proceeds from the financing will be used for exploration at the firms Alicia Gold Project, located in the Philippines, as well as for general working capital purposes. The Alicia Project is 932 hectares in size, and consists of a system of numerous high grade gold and silver veins along with base metals, which have a strike length of over ten kilometers.
Monterey Minerals last traded at $0.065 on the CSE.
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