MAS Gold Corp (TSX-V:MAS, OTCQB:MSGCF) said it has completed the second and final tranche of its previously-announced, non-brokered private placement financing, raising C$345,000 by issuing 4,312,500 company units at a price of C$0.08 each.
The mineral exploration company said it intends to use the net proceeds from the offering to assist in advancing its portfolio of prospective projects, as well as working capital requirements and other general corporate purposes.
“Initial results from the latest drilling on the North Lake Deposit reported in our news release dated May 16, 2022, are encouraging, and we look forward to announcing additional results when available,” MAS Gold CEO Jim Engdahl said in a statement.
READ: MAS Gold raises C$1.73M after closing first tranche of private placement
“We anticipate an exciting exploration season as we advance the development of our gold exploration properties in northern Saskatchewan,” Engdahl added.
Each unit of the final tranche consisted of one company common share plus one common share purchase warrant, with each warrant being exercisable to acquire one MAS Gold common share at a price of $0.20 for 24 months after the closing of the private placement.
The warrant is subject to early expiry if, beginning four months after the closing of the private placement, the daily volume-weighted average trading price of the common shares exceeds $0.30 for 10 consecutive trading days, MAS Gold said.
The company added that it will pay finder's fees of 7% in cash and 7% in warrants on a portion of the offering in accordance with applicable securities laws and the policies of the Toronto Venture exchange.
MAS Gold issued a total of 25,937,500 company units at a price of $0.08 per unit for gross proceeds of C$2,075,000 for the entire private placement. The first tranche closed on May 20, 2022.
The securities issued as part of the offering are subject to a statutory four month and one day hold period, as well as final acceptance of the Toronto Venture exchange.
As well, the company reported that Andrew Davidson has resigned from its board of directors.
MAS Gold is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Greenstone Belt of Saskatchewan. In the belt, MAS Gold operates the Greywacke, North Lake and Point advanced gold projects, each hosting drill-intercepted zones of gold mineralization.
Contact Sean at sean@proactiveinvestors.com