Northstar Gold Corp. (CSE:NSG) announced that it has closed the second tranche of its non-brokered private placement, raising an additional $169,300, bringing total proceeds from the offering to $988,050.
The second tranche consisted of 3.22 million hard dollar units and 900,000 critical minerals eligible flow through units for a total of 4.12 million units.
The funds will support the ongoing 1,500-meter drill program at the Cam Copper Mine VMS Extension that kicked off last month. The company is drilling to target copper-gold-silver mineralization along a 1,000-meter extension of the historic Cam Copper Mine.
"Northstar is pleased with this continued strategic investor support," Northstar CEO Brian Fowler said in a statement.
"Proceeds will facilitate the ongoing 1,500 metre Cam Copper Mine VMS Extension drill program. The drill program continues as expected and remains on schedule for completion later this month."
Northstar expects to start reporting results from the drill program by mid-January 2025.
Additionally, Northstar has postponed its Annual General Meeting (AGM), initially scheduled for January 8, 2025, due to delays caused by the Canada Post strike, which impacted the delivery of proxy materials. A new AGM date will be set once the strike is resolved.