Northstar Gold Corp. (CSE:NSG) said it has closed the second tranche of its previously announced $1.6 million non-brokered private placement to fund exploration at its flagship Miller Gold property.
The second tranche raised gross proceeds of C$540,090, in addition to the first tranche gross proceeds close of C$905,100.21.
In total, the Vancouver-based exploration firm raised C$1,445,155.21 – an amount that Northstar said fulfilled its planned 2023 Miller Gold property exploration requirements.
READ: Northstar Gold completes surface exploration and magnetic survey at Milestone property in Ontario
Proceeds will go towards exploring Northstar’s 100%-owned Miller Gold property, situated 18 kilometres southeast of Kirkland Lake, Ontario.
In addition, funds will be used at the adjoining Rosegrove Gold property and the Milestone copper-nickel-cobalt property.
The second tranche of the placement consisted of 6,354,000 flow-through units priced at $0.085 and comprised of one flow-through common share and one non-flow-through share purchase warrant.
Each full warrant is exercisable for one non-flow-through common share at an exercise price of $0.10, for a period of 24 months from the closing of the offering.
Northstar paid a total of $37,806.30 in finders fees associated with the offering and issued 444,780 finder warrants at an exercise price of $0.10 and expiring 24 months from the closing date.
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