TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) said it is arranging a non-brokered private placement of up to 5 million company units, at a price of $0.05 per unit, to raise up to C$250,000.
Proceeds of the private placement will be used for exploration, maintenance of the Shotgun Gold project and for general working capital purposes.
Each unit of the financing will consist of one company common share plus one half of a non-transferable common share purchase warrant, in which each whole warrant is exercisable into one TNR Gold common share at an exercise price of C$0.075 per share for two years from the date of issue.
The company noted that its executive chairman, Kirill Klip, will participate in this private placement.
READ: TNR Gold updates on work progress at the Los Azules copper project under its royalty portfolio
All private placement securities will be restricted from trading for a period of four months plus one day from the date of closing.
TNR Gold Corp. is working to become the green energy metals royalty and gold company. Over the past twenty-five years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe.
TNR has a 90% holding in the Shotgun Gold porphyry project in Alaska located in Southwestern Alaska near the Donlin Gold project, which is being developed by Barrick Gold and Novagold Resources Inc.
The company's strategy with Shotgun Gold Project is to attract a joint venture partnership with one of the gold major mining companies. TNR is actively introducing the project to interested parties.
At its core, TNR provides significant exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun Gold porphyry project) and Argentina (the Los Azules Copper and the Mariana Lithium projects) and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.
Contact the author at jon.hopkins@proactiveinvestors.com