TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) announced the successful closing of an oversubscribed non-brokered private placement, raising $309,000 through the issuance of 5.15 million units.
The private placement, initially announced on August 12, exceeded its target by 150,000 units, TNR noted in a statement.
Each unit was priced at $0.06, comprising 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 $0.08 per share, valid for two years from the date of issue.
The pricing of the units reflects a 20% premium over TNR Gold’s closing share price of $0.05 on August 9.
TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) holds significant royalty interests, including a 1.5% NSR on the Mariana Lithium Project in Argentina, where Ganfeng Lithium is constructing a 20,000 tons-per-annum lithium chloride plant, and a 0.4% NSR on the Los Azules Copper Project being developed by McEwen Mining. Additionally, TNR owns a 90% stake in the Shotgun Gold Project in Alaska, for which it is seeking a joint venture partnership with a major gold mining company.