TORONTO, ON / ACCESSWIRE / September 2, 2016 / Stakeholder Gold Corp. (TSXV:SRC)) is pleased to announce that it is closing on $1,220,695 of a prospective total $3,000,000 financing.
TORONTO, ON / ACCESSWIRE / September 2, 2016 / Stakeholder Gold Corp. (TSXV:SRC)) is pleased to announce that it is closing on $1,220,695 of a prospective total $3,000,000 financing. Closing on this tranche will result in issuance of 2,441,390 units with each unit comprised of one share, priced at $0.50 per share, and one half of one common share purchase warrant. Warrants are priced at $0.75 and expire September 2nd, 2018.
In connection with the financing, Stakeholder will pay to Bonaventure Exploration Ltd. $100,070 CAD and 200,140 commission warrants. These warrants are priced at $0.50 and expire September 2nd, 2018.
Funds will be used to progress Phase II of the planned 2016 exploration program on the Ballarat gold project in the White Gold District of the Yukon Territory. In particular, soil sampling will be extended northeasterly and southwesterly of the existing soil grid over the newly identified Eastern Zone (see press release dated August 3rd, 2016). An IP/resistivity survey will be performed over the target area along with trenching and infill sampling on selected lines. A rotary air blast (RAB) drilling program, both at the Eastern and Northwest Zones, will follow end-September.
The Phase II exploration program will begin on Monday the 5th of September, and is being planned and executed by GroundTruth Exploration Inc. A more comprehensive press release outlining Phase II exploration initiatives on the newly identified Eastern Zone will be provided in due course.