Northstar Gold Corp. (CSE:NSG) said it has closed a third tranche of its previously announced non-brokered private placement, raising $96,951.50 by issuing 1,762,755 company units.
The exploration properties developer said gross proceeds from the offering will be used primarily to fund critical minerals exploration at the historic high-grade Cam Copper Mine on its 100%-owned Miller Gold Property in northern Ontario, as well as pay for LiDAR and MMI soil surveys on its 100%-owned Rosegrove Property, targeting Critical Minerals and alkalic intrusion-hosted gold mineralization, and for general working capital purposes.
Northstar noted a total of $531,656.50 has been raised in the three tranches, exceeding the original minimum target of $500,000, while it has since received additional orders to close a fourth tranche of the offering in the near term.
The units were priced at $0.055 each and comprised of one company common share plus one share purchase warrant, with each full warrant being exercisable into one additional Northstar Gold common share at an exercise price of C$0.075 for a period of 24 months.
As well, the company announced that it has contracted Quebec’s Pelletier Drilling Ltd to conduct a 700-metre, Phase I diamond drill program targeting near-surface high-grade copper mineralization at the Cam Copper Mine.
It added that further details are forthcoming and drilling is scheduled to begin later this month.
Northstar Gold's primary exploration focus is the advancement of its flagship, 100%-owned Miller Gold Property, situated 18 kilometres southeast of Kirkland Lake and Agnico Eagle Mine's Macassa SMC gold mine.
The company's strategy is to develop either a minimum material (+1 million ounce) high-grade gold mineral resource to potentially supplement a nearby mining operation or a stand-alone mining operation at the Miller Gold Property.
Contact Sean at sean@proactiveinvestors.com