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Japan Gold set for C$5 million raise to fund exploration

The Vancouver-based group said it will issue up to around 18.5 million units at C$0.27 each

Canadian dollar
Each whole warrant entitles the holder to buy one company share at C$0.42 for 24 months

Japan Gold Corp (CVE:JG) is set to raise up to C$5 million via a private placing mainly for exploration, it said Thursday.

In a statement, the Vancouver-based group said it will issue up to around 18.5 million units at C$0.27 a throw.

READ: Japan Gold acquires new land in historic gold producing region in the Pacific country

Each unit comprises one share and one-half of a transferable share purchase warrant. Each whole warrant entitles the holder to buy one company share at C$0.42 for 24 months from closing.

The warrants are subject to a forced exercise provision if the closing price of the company shares is equal to or greater than C$0.84 for 10 consecutive trading days.

Earlier this week, the company revealed it was  gaining more ground in Japan after acquiring three new projects in the Southern Kyushu epithermal gold province.

The Vancouver-based company said the new projects comprise a total of 23,400 hectares over 76 applications. The firm now has a total of 18 gold projects in the country.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Japan Gold

Price: 0.25 CAD

TSX-V:JG
Market: TSX-V
Market Cap: $35.02 m
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