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Oro Gold Resources reports it has completed a second closing of a previously announced non-brokered private placement for an additional 395,000 units at a price of $0.55 per unit. The total financing was 3,280,444 units at a price of $0.55 per unit for gross proceeds of $1.8 million. Oro Gold intends to use the proceeds of the …
Oro Gold Resources reports it has completed a second closing of a previously announced non-brokered private placement for an additional 395,000 units at a price of $0.55 per unit.
The total financing was 3,280,444 units at a price of $0.55 per unit for gross proceeds of $1.8 million.
Oro Gold intends to use the proceeds of the private placement to complete additional drilling at its 100%-owned flagship Trinidad property located in Sinaloa, Mexico, and for other corporate purposes and general working capital. Oro Gold is planning to complete over 20,000 metres of drilling on its properties in the Rosario Gold belt by the end of 2008, and plans to further define and expand its current gold resource base of 200,930 ounces (4,491,800 tonnes at an average gold grade of 1.4 g/t, at a 0.5 g/t gold cut-off, as reported in Oro Gold’s May 29, 2008 press release).
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