Taiga Gold (CSE: TGC) this morning announced the closing of a flow through private placement. The financing saw gross proceeds of $2.5 million raised for the firm.
Under the terms of the financing, flow through units were sold at a price of $0.20 per each, with each unit containing one flow through common share and one common share purchase warrant. Each warrant is valid for a period of 30 months from the date of issuance, and contains an exercise price of $0.30 per share. A total of 12.5 million flow through units were sold/
Notably, an acceleration clause is present on the warrants, enabling the company to accelerate the expiry in the event that the company trades above $0.60 per share for ten consecutive trading days.
Proceeds from the financing are to be used for exploration purposes at the firms Fisher, Orchid, and Mari Lake projects in Saskatchewan.
Taiga Gold last traded at $0.185 on the CSE.
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