Northstar Gold Corp. (CSE:NSG) has closed the first tranche of its previously announced private placement with strategic investors, raising $818,750 through the issuance of 19.85 million units.
This initial tranche included 14.9 million Hard Dollar Units at $0.04 per unit and 4.95 million Critical Minerals Eligible Flow Through Units at $0.045 per unit.
Each unit consists of one common share and one warrant, with Hard Dollar warrants exercisable at $0.06 for 36 months and Flow Through warrants exercisable at $0.08 for 24 months.
Northstar also issued 560,000 finder warrants with exercise prices of $0.04 and $0.045, which expire within 24 to 36 months.
The funds will support several initiatives, notably a 1,500-meter drilling campaign in Zone 2 Extension, targeting a newly defined 350-meter-long EM conductor near the historic Cam Copper Mine on the Miller Copper-Gold Property.
The company is shortlisting bids for the drill program, with drilling scheduled to commence later this month.
Additionally, funds will facilitate potential acquisitions of neighboring properties, the Boston Creek Mines and Philip properties, currently under Letters of Intent.
Northstar is also directing resources toward due diligence on strategic partnerships, including a scoping study with Novamera for a targeted mining approach at Zone 2, and a pending site visit by Hunan Nonferrous representatives to advance discussions on a Cooperative Agreement.
This agreement could see Hunan Nonferrous invest in a minority stake in Miller's Intrusive Complex through a proposed 10,000-meter drill program.
"The strategic investor response to Northstar's private placement is a positive endorsement of the company's Miller Copper-Gold Property exploration/development initiatives and growth potential," Northstar Gold CEO Brian Fowler commented.
"Northstar is steadfast in its commitment to deliver shareholder value through targeted exploration and development efforts and non-dilutive, strategic partnerships with industry leaders. These efforts underscore our vision of advancing high-potential copper and gold assets while positioning the company for long-term growth."