Golden Shield Resources (CSE:GSRI, OTCQB:GSRFF) announced that it has closed its previously disclosed non-brokered private placement, raising aggregate gross proceeds of $2 million.
The financing was completed through the issuance of 8 million units at a price of $0.25 per unit.
Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to acquire one additional common share at an exercise price of $0.35 for a period of 12 months following the closing of the offering, subject to certain acceleration provisions.
Golden Shield stated that it intends to use the net proceeds from the financing to advance permitting at its Marudi Mountain Gold project in southern Guyana, as well as for project evaluations in South America and general working capital.