1911 Gold Corporation Gains Financial Boost from Warrant Exercise
1911 Gold Corporation's Recent Financial Move
1911 Gold Corporation has made a significant stride in its financial backing through the early exercise of warrants by Eric Sprott. This exercise has resulted in an influx of funds amounting to $1,666,667, which will enhance the Company's exploration and drilling initiatives. The recent development signals a strong vote of confidence from Sprott, a notable figure in resource investments, benefiting 1911 Gold as it prepares for its upcoming drill program.
Warrant Exercise Details
Eric Sprott, through 2176423 Ontario Ltd, exercised 16,666,667 warrants from a previous non-brokered private placement, which totaled $3,900,000. This exercise significantly alters share ownership dynamics within the company. Prior to this exercise, Sprott owned 16,666,667 shares, constituting 12.4% of the overall shares. Post-exercise, his ownership has risen to 33,333,334 shares, representing 22.0% of 1911 Gold's expanded total of 151,419,874 shares outstanding.
Drilling Program Initiatives
The funds generated from this warrant exercise are earmarked to streamline the plans for the drilling program set to commence shortly. With drilling aiming for a mid-October start date, the Company is expected to mobilize contractors and secure the necessary support services. The company is excited to fill stakeholders in on the complete details of the drill targets located within their current mining footprint in the weeks to come.
Thanking Eric Sprott for Continued Support
Shaun Heinrichs, President and CEO of 1911 Gold Corporation, has publicly acknowledged Eric Sprott’s early warrant exercise and continuous backing. Heinrichs expressed optimism about further warrant exercises, especially in light of the imminent release of an updated mineral resource estimate alongside the upcoming drill program. This foresight showcases the Company's strategy to engage investors as it pushes forward with its exploratory endeavors.
About 1911 Gold Corporation
As a junior explorer, 1911 Gold Corporation maintains a concentrated land package exceeding 63,000 hectares, positioned strategically within and around the historically rich Archean Rice Lake greenstone belt. The Company also oversees the True North mine and mill complex in Bissett, aiming to cultivate a prominent mining district around this core asset. Beyond that, the Apex and Denton-Keefer projects present further opportunities aimed at organic growth and acquisitions across North America.
Community Engagement and Future Plans
1911 Gold is deeply committed to working cooperatively with the local communities, particularly the Hollow Water First Nation. The Company values respectful communication and is focused on nurturing beneficial relationships with its stakeholders. This community-oriented approach not only fosters goodwill but also supports the sustainable development of their operations.
Frequently Asked Questions
What was the total amount raised through the warrant exercise?
The total amount raised through the early exercise of warrants by Eric Sprott was $1,666,667.
What will the funds be used for?
The funds will be used to prepare for the upcoming drill program at the Company’s Rice Lake Gold property, including mobilizing drill contractors and support services.
How has Eric Sprott's share ownership changed?
After the warrant exercise, Eric Sprott's ownership increased from 12.4% to 22.0% of the outstanding shares of 1911 Gold Corporation.
What is the significance of the True North complex?
The True North complex is crucial for 1911 Gold’s operations, as it provides a strategic location for developing mining activities within a prospective mining district.
How does 1911 Gold plan to engage with local communities?
1911 Gold aims to maintain open, respectful communication with local communities, including building relationships with the Hollow Water First Nation.
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