Falcon Gold Corp (TSX-V:FG, OTC:FGLDF) announced that it has closed the final tranche of its non-brokered private placement, raising about $380,000 through the issuance of approximately 6.66 million Quebec flow-through units (QFT Units) at $0.045 per unit and approximately 2.29 million non-flow-through units (NFT Units) at $0.035 per unit.
In total, Falcon Gold raised about $975,000 across three tranches, issuing 14 million flow-through units (FT Units), approximately 6.66 QFT Units, and approximately 3.29 million NFT Units.
Each QFT and FT Unit consists of one flow-through common share and one-half of a share purchase warrant, with each full warrant exercisable at $0.08 per share for two years.
NFT Units include one non-flow-through share and one whole warrant, exercisable at $0.05 per share for four years.
The proceeds from the FT and QFT Units will be used for Canadian exploration expenses on properties in Newfoundland, Ontario, and Quebec.
Proceeds from the NFT Units will support general working capital and corporate purposes.