Newcore Gold Enhances Private Placement Financing
Newcore Gold Ltd. (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce an improvement in the terms of its non-brokered private placement financing. This initiative falls under the Listed Issuer Financing Exemption. Initially, the company planned to raise $5 million, but it has now increased its target to up to $5.5 million by selling as many as 18,965,518 units at a price of $0.29 per unit. Importantly, the securities offered will not be subject to a hold period, in accordance with Canadian securities regulations.
Details of the Offering
Each unit will comprise one common share of Newcore Gold along with one-half of a common share purchase warrant. A full warrant will allow the holder to buy one additional common share at an exercise price of $0.40 for one year following the conclusion of the offering.
Use of Proceeds
The funds raised from this offering are earmarked for exploration and development activities at the company's wholly-owned Enchi Gold Project in Ghana. Additionally, these funds will support general corporate needs and working capital requirements. Finder’s fees may be applicable in accordance with TSX Venture Exchange policies.
Closing Timeline
The offering is expected to close around September 26, 2024, subject to certain conditions, including the necessary regulatory approvals. This financing opportunity is available exclusively to investors in Canada, with the exception of Quebec, due to the listed issuer financing exemption.
About Newcore Gold
Newcore Gold is advancing its Enchi Gold Project, located in Ghana, which is recognized as Africa's leading gold producer. The company presents a compelling investment opportunity, backed by strong leadership that aligns with shareholders through significant equity ownership. The Enchi project covers an area of 248 km2 and features an extensive land package along the Bibiani Shear Zone, known for its numerous gold deposits, including the Chirano mine situated 50 kilometers to the north. Newcore’s goal is to build a dynamic and effective gold company that provides exceptional returns to its shareholders.
Contact Information
For more information about Newcore Gold, please contact:
Mal Karwowska | Vice President, Corporate Development and Investor Relations
+1 604 484 4399
info@newcoregold.com
Frequently Asked Questions
What is the purpose of the expanded financing by Newcore Gold?
The funds will be utilized for exploration and development activities for the Enchi Gold Project in Ghana, as well as for general corporate purposes.
What does each unit in the private placement financing include?
Each unit consists of one common share and one-half of a common share purchase warrant.
What is the price of each unit being offered?
The units are priced at $0.29 each.
When is the offering expected to close?
The offering is anticipated to close around September 26, 2024.
Which regulatory body must approve the financing?
The financing is subject to approval from the TSX Venture Exchange.
