Rocky Shore Gold Completes Final Phase of Successful Offering
Rocky Shore Gold Reaches Milestone with Final Tranche Closure
Rocky Shore Gold Ltd. (CNSX: RSG) is excited to announce the successful closure of its third and final tranche of its non-brokered private placement, demonstrating the strong support from both new and current shareholders. The company raised an impressive total of $503,500 through this final tranche, significantly contributing to their strategic plans.
Details of the Fundraising Efforts
The recent fundraising effort involved the issuance of 6,750,000 units at an issue price of C$0.05 per unit. Each unit consists of one common share and half of a common share purchase warrant. Additionally, the issuance included 3,320,000 flow-through shares at the same issue price. In total, Rocky Shore Gold has successfully sold 31,530,000 units and 18,470,000 flow-through shares, amassing total gross proceeds of $2.5 million.
Future Projects and Exploration Goals
Ken Lapierre, President and CEO of Rocky Shore Gold, expressed gratitude towards the investors for their unwavering support of the company’s vision. The funds raised will primarily support ongoing exploration efforts at the Gold Anchor Project located in central Newfoundland. A key focus will be an inaugural drilling program planned at the Lane Pond Gold Target, strategically positioned within the rich Appleton Fault Corridor, known for its gold resources.
Warrants and Expiry Terms
Each warrant from this offering grants the holder the right to acquire an additional common share at an exercise price of C$0.10 until October 7, 2028. The company reserves the right to accelerate the expiry if shares trade above C$0.20 for 20 consecutive days. This flexibility allows Rocky Shore to adapt to market conditions and investor interest effectively.
Use of Proceeds from the Offering
Proceeds from the final tranche will serve dual purposes: general corporate operations and further advancements surrounding the Gold Anchor Project. This strategy demonstrates Rocky Shore's commitment to responsible and efficient use of capital for maximizing growth potential in the promising Newfoundland gold district.
Partnerships and Finder’s Fees
The completion of this final tranche also included payment of cash finder’s fees along with issuing 289,200 finder’s warrants, each exercisable to acquire a common share until April 7, 2027. This collaboration highlights the importance of networking and partnerships in achieving milestone events for the company.
Exploration Commitment and Community Support
Rocky Shore Gold remains dedicated to its exploration commitments in one of Canada’s most promising gold belts. The Gold Anchor Project spans over 1,200 square kilometres, making it the second-largest property within this emerging gold area. As exploration continues, the company aims to uncover valuable resources while fostering relationships within the local community.
Conclusion
With the successful closure of the final tranche combined with a robust operational strategy, Rocky Shore Gold is well-positioned to make significant strides in their exploration efforts and contribute to the broader Canadian mining landscape. Investors and stakeholders alike are encouraged to stay engaged as the company embarks on this exciting journey.
Frequently Asked Questions
What was the total amount raised in the latest tranche?
The total amount raised in the final tranche was $503,500.
What will the funds from this offering be used for?
The funds will be used for general corporate purposes and to advance the Gold Anchor Project.
What is the significance of the Lane Pond Gold Target?
The Lane Pond Gold Target is strategically located in the Appleton Fault Corridor and has never been drill tested, representing a significant exploration opportunity.
What are the terms of the warrants issued?
Each warrant allows the holder to purchase an additional common share at C$0.10 until October 7, 2028, with potential for accelerated expiry.
How does Rocky Shore Gold interact with the local community?
Rocky Shore engages with the local community and is committed to responsible exploration within Newfoundland’s promising gold district, contributing to regional development.
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