Goldsource Mines Completes Private Placement of $4.46 Million

Goldsource Mines (TSXV:GXS) has announced the completion of a non-brokered private placement announced in January where in the company issued 26,233,450 units at $0.17 each for gross proceeds of $4,459,686.
As quoted in the press release:

Each Unit consisted of one common share and one common share purchase warrant of Goldsource, with each warrant being exercisable for one common share of Goldsource at a price of $0.23 for a term of 2 years.
Proceeds from the private placement will be used for the Company’s Eagle Mountain Gold Project capital and operating improvements, resource expansion, repayment of outstanding loan, and general corporate purposes. Please see news release dated January 9, 2017 for more detailed information on the Company’s planned operations for 2017.
Yannis Tsitos, President, stated, “We are very pleased to have concluded this financing with such success. We look forward to pursuing our plans at our Eagle Mountain Gold Project and to achieving certain milestones in 2017 as described in our recent announcements.”
The shares and warrants issued under the private placement and the shares issuable upon exercise of the warrants are subject to a hold period that expires on June 9, 2017.

Click here to read the full press release.