TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) announced a non-brokered private placement to raise up to C$300,000, offering 5 million units at a price of $0.06 per unit.
The pricing reflects a 20% premium over the company's closing share price of $0.05 on August 9.
Funds from the placement will be allocated towards the exploration and maintenance of the company's Shotgun Gold project, as well as for general working capital purposes.
Shotgun is an exploration project located in southwestern Alaska, within the Kuskokwim Gold Belt, a region known for significant gold deposits.
Under the terms of the offering, each unit in the offering consists of one common share and one half of a non-transferable common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.08 within two years from the issue date.
TNR Gold holds a diversified portfolio of assets, including royalties in significant projects like the Mariana Lithium Project and Los Azules Copper Project in Argentina.