EGR Exploration Ltd. (TSX-V:EGR) has unveiled plans for a C$750,000 non-brokered private placement to fund drilling at its Detour West gold project.
The company is offering five million units, each comprising of a common share and one half-share purchase warrant, alongside 8.33 million flow-through shares.
The units and flow-through shares will be priced at C$0.05 and C$0.06 each respectively, with the warrants exercisable at C$0.10 for a year after the placement.
“This is the financing that will put drills on the ground at Detour West,” chief executive Daniel Rodriguez commented.
He added results from the program would aim to prove the extension of the Detour-Fenelon trend onto EGR’s property north of Timmins, Ontario.
“This will lead to further reverse circulation drilling and eventual diamond drilling,” Rodriguez said.
The offering is expected to take place in mid-December following regulatory approvals, including from the TSX Venture Exchange, EGR noted.