TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) said it has closed the first tranche of the non-brokered private placement of up to 5,000,000 units announced on December 22, 2020.
On closing, the company issued 2,400,000 units at $0.05 per unit for proceeds of $120,000.
Each unit consists of one common share of the company and one-half of a non-transferable common share purchase warrant, with each whole warrant exercisable into one common share of the company at an exercise price of $0.075 per share for two years from the date of issue.
The proceeds of the private placement will be used for exploration, maintenance of the Shotgun Gold project and for general working capital purposes.
READ: TNR Gold to raise up to C$250,000 in a non-brokered private placement
Closing of the final tranche of the private placement will be completed prior to March 15, 2022.
Kirill Klip, TNR Gold's executive chairman, and Konstantin Klip, a director of the company, both non-arms' length parties, participated in the private placement.
All private placement securities will be restricted from trading for a period of four months plus one day from the date of closing.
On closing, the company paid cash finder's fee of 5% of the gross proceeds sourced by the finders.
TNR Gold is working to become the green energy metals royalty and gold company. Over the past twenty-six years, through its lead generator business model, the company has been successful in generating high-quality exploration projects around the globe.
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