Goldseek Resources Inc. (CSE:GSK) said it plans to raise up to $850,000 through a non-brokered private placement comprising $150,000 in non-flow-through funds and $700,000 in flow-through funds.
The company said the majority of the offering has been committed by the chairman of the company.
The non-flow-through placement will consist of the sale of 4,285,715 common shares priced at $0.035 each while the Quebec flow-through placement will consist of the sale of 17,500,000 flow-through shares at a price of $0.04 each.
READ: Goldseek Resources says drilling at Beschefer project in Quebec continues to outline strong continuity and expansion potential
The company intends to use the proceeds from the Quebec flow-through placement to continue exploration and development of the company's Quebec properties. The proceeds from the non-flow-through placement will be used for general working capital purposes. The company does not intend to issue finders’ fees on this financing.
All securities issued under the private placement will have a hold period of four months and a day from closing and are subject to the company’s filing requirements with the Canadian Securities Exchange.
Goldseek Resources is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. The company's mission is to find the next major discovery in the mining camps of Urban Barry, Quevillon, Val D’Or, and Detour Gold Trend in Quebec and Hemlo in Ontario.
Contact the author at jon.hopkins@proactiveinvestors.com