Newcore Gold Secures $3.8M to Propel Enchi Gold Project Forward
Newcore Gold's Recent Funding Achievements
Newcore Gold Ltd. is excited to announce a significant milestone: the company has raised approximately $3.8 million through the exercise of over 9.5 million common share purchase warrants. The warrants, with an exercise price of $0.40, were officially exercised following their expiration, marking a vital step for the company in its quest to advance its Enchi Gold Project.
Support and Confidence from Shareholders
Luke Alexander, the President and CEO of Newcore Gold, expressed gratitude towards the shareholders for their unwavering support. This exercise of warrants not only demonstrates confidence in the company's strategic direction but also aligns management and the Board of Directors with shareholders, as they collectively hold about 15% equity in the company. This alignment is crucial for fostering trust and growth between management and investors.
Enchi Gold Project: A Promising Venture
Newcore Gold is poised for an exciting period of development, particularly at the Enchi Gold Project, located in a region known for its gold-rich terrains. With a well-funded cash balance of around $10.1 million, the company is ready to embark on an ambitious 35,000-metre drilling program. This initiative will involve extensive exploration and development activities designed to support a Pre-Feasibility Study planned for the coming year.
Exploration and Development Efforts
The drill program aims to deepen exploration efforts and gather critical data to assess the project’s potential further. The company's excitement is palpable as it prepares to define the large-scale opportunities that the Enchi Gold Project presents. Newcore Gold is targeting a busy year ahead, with plans to not only advance exploration but also to reinforce its development initiatives.
Strategic Financial Position of Newcore Gold
After the exercise and expiration of the warrants, Newcore maintains a robust share capital structure. With a total of approximately 263 million common shares currently issued and outstanding, alongside various stock options, RSUs, and additional warrants, the company is in a solid position to fuel its projects. Notably, a tranche of warrants remains, potentially providing an extra $10.2 million if fully exercised, which will further bolster the company's capabilities in exploration and development activities.
The Significance of the Bibiani Shear Zone
The Enchi Gold Project is strategically located on a substantial land package of 248 square kilometers that covers significant portions of Ghana’s Bibiani Shear Zone. Known as a premier gold belt, this region hosts several notable gold deposits, presenting Newcore Gold with a unique opportunity to tap into a known and economically viable geological setting. With its vision to build a dynamic and profitable gold enterprise, Newcore aims to maximize shareholder returns while navigating this prime exploration territory.
Contact Information for Newcore Gold Ltd.
For more information, interested parties can reach out to:
Mal Karwowska
Vice President, Corporate Development and Investor Relations
Phone: +1 604 484 4399
Email: info@newcoregold.com
Company Website: www.newcoregold.com
Frequently Asked Questions
What is the significance of the $3.8 million raised?
The funds will support the advancement of the Enchi Gold Project, including exploration and development efforts.
How many warrants were exercised by Newcore Gold?
Approximately 9,558,578 common share purchase warrants were exercised, raising significant capital for the company.
What is the Enchi Gold Project?
The Enchi Gold Project is located in Ghana, known for its rich gold deposits, and is a focal point for Newcore Gold's exploration efforts.
Who is the current President and CEO of Newcore Gold?
Luke Alexander serves as the President and CEO of Newcore Gold, leading the company through its development stages.
Where can I find more information about Newcore Gold?
Detailed information can be found on Newcore Gold's official website at www.newcoregold.com.
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