Gold Basin Resources Corporation (TSX-V:GXX) said it has closed the second and final tranche of its previously announced upsized non-brokered private placement with the proceeds intended to fund ongoing exploration at its mineral projects and for general working capital.
The company said it issued over 2.3 million shares at a price of $0.15 per share for gross proceeds of approximately C$351,000.
The financing is oversubscribed, and the company has issued an aggregate of more than 17 million shares for aggregate gross proceeds of over C$2.5 million.
The company noted it paid finder's fees on a portion of the financing to McFaddens Securities Pty Ltd (as to $82,440), PI Financial Corp (as to $1,800), Haywood Securities Inc (as to $18,285), Canaccord Genuity (TSX:CF, LSE:CF) Corp (as to $8,775) and Leede Jones Gable Inc (as to $15,300) consisting of a cash commission equal to 6% of gross proceeds raised by each finder.
Exploration update
The company also announced that its Phase 2 reverse-circulation drill program at its 100%-owned Gold Basin project was completed on schedule and under budget.
A total of 5,004.8 metres was drilled in 41 holes, with a focus on resource definition at the Stealth, Red Cloud and PLM oxide gold deposits, and the largely undrilled strike gaps in between some of these zones.
All holes have been sampled and submitted for assay, with preliminary results expected within one month, the company said.
Gold Basin is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America, including the Gold Basin Property located in the Gold Basin Mining District, Mohave County, Arizona, which comprises five mineral rights and 294 unpatented mining claims totalling 30.8 square kilometres.
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