Northstar Gold Corp. (CSE:NSG) has announced it intends to raise C$1 million of new capital through a non-brokered private placement financing.
The financing includes an issue of warrants alongside the equity.
A portion of the proceeds from the funding are earmarked for eligible Canadian Exploration Expenses, primarily funding Critical Minerals exploration and diamond drilling of a newly-defined EM conductor near the historic Cam Copper Mine on Northstar’s Miller Copper-Gold Property.
A separate amount of proceeds is also set to be used to support due diligence on neighboring properties, including the Boston Creek Mines and Philip Property, as well as non-critical minerals exploration and general working capital.
The company expects to close the first tranche of its equity offering by early July, pending regulatory approvals.
Northstar's primary focus remains to advance and expand near-surface, bulk-tonnage gold-telluride and VMS copper mineral deposits at its 100%-owned Miller Copper-Gold Property in Ontario.
The composition of the equity units being sold in the funding was detailed in the company’s statement.