Newcore Gold Secures $12 Million for Enchi Gold Project Expansion
Newcore Gold's Latest Financing Announcement
Vancouver-based Newcore Gold Ltd. is thrilled to share an exciting development in its journey towards fostering growth within the gold mining sector. The company has engaged in a significant financial agreement designed to empower its exploration strategies, revealing plans for a brokered private placement financing aiming to raise up to $12 million. This initiative underscores Newcore's commitment to advancing its Enchi Gold Project in Ghana, a pivotal venture poised to make a substantial impact within one of Africa's most lucrative gold regions.
Details of the Private Placement Offering
The agreement involves Paradigm Capital Inc. acting as the lead agent for a group of financial agents to facilitate a private placement offering. Newcore plans to issue approximately 32,877,000 units at a price of $0.365 per unit, leading to an aggregate gross proceed of up to $12 million. Each unit consists of one common share and one-half of a common share purchase warrant, which will grant investors the opportunity to purchase additional shares at an exercise price of $0.50 for a year following the offering's conclusion.
Utilization of Proceeds
The anticipated funding from this offering has been earmarked primarily for the exploration and development of the Enchi Gold Project. Newcore is committed to investing in projects that enhance shareholder value, and this financing plays a critical role in advancing exploration and operational activities on its properties. Furthermore, a portion of the funds will be allocated towards general corporate expenses and working capital, ensuring comprehensive growth across the company.
Strategic Goals for the Enchi Gold Project
Newcore Gold is strategically positioned in one of Ghana's most prolific gold belts, the Bibiani Shear Zone. This area not only encompasses the Enchi Gold Project, but it is also home to numerous gold deposits, making it an attractive site for investment and exploration. Newcore's land package spans 248 km² and covers an extensive 40 kilometers of the gold belt. The company remains focused on harnessing this potential to build a robust gold mining operation.
Exciting Opportunities Ahead
The upcoming offering is planned to close shortly, bringing with it a wave of new opportunities for Newcore Gold and its stakeholders. Completion of this financing is subject to specific regulatory approvals and conditions, but the company maintains optimism about the journey ahead. Investors can look forward to a timeline that will further outline strategic exploration initiatives intended to unlock the value of its mineral assets.
The Commitment to Responsible Mining
Newcore Gold's mission is to develop a gold enterprise that prioritizes sustainability and community engagement. The company is not only focused on operational success but also on ensuring that its exploration initiatives are conducted in a responsible manner, benefiting both shareholders and local communities. Newcore envisions building strong relationships with stakeholders while delivering on its promise of creating shareholder value.
About Newcore Gold Ltd.
Newcore Gold is dedicated to advancing its Enchi Gold Project located in Ghana. With a seasoned management team characterized by significant equity ownership aligning their interests with shareholders, Newcore offers a unique value proposition in the gold exploration landscape. The vision of creating a successful and responsible gold enterprise is grounded in a robust exploration strategy and a commitment to maximizing returns.
Contact Information
For more inquiries about Newcore Gold and its endeavors, potential investors and interested parties are encouraged to reach out to:
Mal Karwowska | Vice President, Corporate Development and Investor Relations
+1 604 484 4399
info@newcoregold.com
www.newcoregold.com
Frequently Asked Questions
What is the purpose of the $12 million financing?
The financing is aimed at advancing the exploration and development of the Enchi Gold Project while supporting general corporate expenditures.
Who is the lead agent for the offering?
Paradigm Capital Inc. is acting as the lead agent and sole bookrunner for this private placement financing.
What will each unit consist of in the offering?
Each unit will comprise one common share and one-half common share purchase warrant, enabling investors to purchase shares at a specified price within a year.
When is the expected closing date for the offering?
The closing of the offering is anticipated to occur shortly, subject to regulatory approvals.
What is Newcore Gold's vision for the future?
Newcore aims to build a strong gold enterprise focused on maximizing shareholder returns while ensuring sustainable and responsible mining practices.
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