The summer of gold continues, and financings for precious metal explorers continue to pile up. This weeks' roundup brings deals from three relatively early-stage junior miners seeking exploration funds.
1. Contact Gold Inc. (TSX-V: C)
- Gross Proceeds: $15 million
- Sector: Precious metals
- Units issued: 75 million
- Type: Special units
- Price: $0.20
- Warrants: Half; $0.27; Two years
- Agents: Cormark Securities Inc.
- Use of Proceeds: Ongoing exploration
- Press release
Contact Gold (TSX-V: C) announced the pricing of a $15 million public offering on Monday, brokered by Cormark Securities Inc.
The company plans to issue up to 75 million units at 20 cents each. Each unit will include a common share and a half-warrant, with full warrants exercisable at 27 cents for two years. Contact has also offered the underwriters an over-allotment option to purchase up to an additional 15% of the offering for 30 days following the close of the deal.
Contact says that the proceeds will be used for further exploration at its Green Springs and Pony Creek projects. Read more about the deal in our article from earlier this week.
Contact Gold is up 4.5 cents for 2020 to 20 cents per share.
2. Desert Gold Ventures Inc. (TSX-V: DAU)
- Gross Proceeds: $6.5 million
- Sector: Precious metals
- Units issued: 23.21 million
- Type: Special units
- Price: $0.28
- Warrants: Half; $0.40; Three years
- Agents: Non-brokered
- Use of Proceeds: Ongoing exploration
- Press release
Desert Gold Ventures Inc. (TSX-V: DAU), a B.C.-based junior miner focused on projects in Mali, announced a $6.5 million non-brokered private placement on Monday.
The company plans to issue 23.21 million units at 28 cents each. Units will be composed of a common share and a half warrant, with full warrants exercisable at 40 cents for three years. Desert Gold says proceeds will go toward exploration at its Senegal Mali Shear Zone (SMSZ) project, where it recently completed 3,759 metres of drilling with assay results pending. The previous phase one drill program returned grades including 10 metres of 3.03 grams of gold per tonne (g/t Au) and 2 metres of 6.35 g/t Au.
Shares of Desert Gold are up 16.5 cents year-to-date to 28.5 cents per share.
3. Sable Resources Ltd. (TSX-V: SAE)
- Gross Proceeds: $6.5 million
- Sector: Precious metals
- Units issued: 33.33 million
- Type: Special units
- Price: $0.15
- Warrants: Half; $0.20; Three years
- Agents: Sprott Capital Partners LP
- Use of Proceeds: Ongoing exploration
- Press release
Gold junior Sable Resources Ltd. (TSX-V: SAE) announced a $6.5 million private placement on Thursday, brokered by Sprott Capital Partners LP.
The company plans to issue 33.33 million units at 15 cents each. Each unit will include a common share and a half warrant, with full warrants exercisable at 20 cents for three years.
Sable focuses primarily on greenfields projects, with properties in Argentina, Mexico, and Peru. Read more about the deal and the company in Thursday's article here.
