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.
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Stone Gold Inc last traded at $0.185 on the TSX Venture.
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