Gold Basin Resources Corporation (TSX-V:GXX) said that it has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $972,030.30 through the issuance of 9,720,303 units for $0.10 each.
The company said the financing was oversubscribed, with an aggregate amount of $1,522,030.30 arranged. It expects to close a second and final trance of the financing during the first week of March.
The proceeds of the financing will be used to fund exploration at its Gold Basin project in Arizona, payment of accrued expenses and for general working capital.