Trillium Gold Mines (TSXV: TGM) last night announced that the company is looking to raise additional funds. The company has entered into a best efforts private placement, which is to be lead by Red Cloud Securities, for a financing pegged at $4.0 million.
Under the terms of the financing, the company will look to sell up to 4.0 million units of the company at a price of $1.00 per unit. Each unit is to consist of one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years from the date of issuance and contains an exercise price of $1.50 per share.
A 25% over-allotment option has also been granted to the underwriters under the terms of the financing.
Net proceeds from the financing are to be used to advance the exploration of the firms Red Lake properties as well as for general working capital purposes.
The financing is set to close June 25, 2021.
Trillium Gold Mines last traded at $1.13 on the TSX Venture.
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