Stone Gold Inc (TSXV: STG) has closed a non-brokered private placement. The financing, which was formally closed last night, saw the company raise a total of $500,000 via the sale of flow through units of the company.
Units sold under the offering were issued at $0.20 per unit, with a total of 2.5 million units issued. Each unit consists of one common share and one common share purchase warrant, valid for a period of 24 months from the date of issuance with an exercise price of $0.30 per share.
Proceeds from the sale of the flow through units are to be used for Canadian exploration expenses, and are to qualify as flow through mining expenditures. A portion of the financing was also taken down by insiders, with director and former CEO Brian Howlett acquiring 59,000 flow through units under the offering.
Stone Gold Inc last traded at $0.185 on the TSX Venture.
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