TRU Precious Metals Corp said it plans to complete a non-brokered private placement to raise $250,000 to $500,000 to fund drilling at its Golden Rose project in Canada’s easterly province of Newfoundland.
The Toronto-based company, which is exploring for gold and copper in the prospective central Newfoundland gold belt, said it intends to issue units at a price of $0.05 each with each unit consisting of one common share and a share purchase warrant exercisable for an additional share at a price of $0.075 for 36 months from the date of issuance.
TRU said the proceeds will be funneled into 1,000 meters (m) of test drilling at the Mark's Pond target area, at the company's Golden Rose Project. Significantly, a 275m long trench completed in October last year returned high-grade gold channel sampling results from the newly discovered Northcott Gold Zone including:
- 57.6 grams per ton of gold (g/t Au) over 2.5 m including 141 g/t Au over 1.0 m;
- 34.0 g/t Au over 2.0 m including 65.4 g/t Au over 1.0 m; and
- 23.5 g/t Au over 2.0 m including 90 g/t Au over 0.5 m.
TRU said it expects to carry out the drill program later this summer after completing preparatory fieldwork, adding that a portion of the proceeds will be used for corporate and public company purposes.
The company said the offering is expected to close by May 11, 2023.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive