GGX Gold Corp (CVE:GGX) announced today that it has arranged a non-brokered private placement of eight million flow-through units at a price of C$0.12 per unit for gross proceeds of C$960,000.
The funds will be used for continued exploration work, including diamond drilling and trenching at the company's Gold Drop property near Greenwood in southern British Columbia.
According to the terms of the placement, each flow-through unit comprises one common share that qualifies as a flow-through share and one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 12 months from the date of issue, one additional non-flow-through common share of the issuer at a price of C$0.15 per share.
The company said a finder's fee may be paid and all securities issued will be subject to a hold period of four months and one day from the date of closing.
Shares of GGX were down 4.76% at C$0.10 on Monday.