From Financialpost · · 1m 10s
GFG Closes $8.1M Financing for Gold Exploration
GFG Resources secures $8.1 million funding to expand gold exploration at Aljo and Goldarm properties.
In brief
GFG Resources secures $8.1 million funding to expand gold exploration at Aljo and Goldarm properties. GFG Resources closed an $8.1 million financing to advance gold exploration at Aljo and Goldarm properties with Alamos Gold maintaining 10.8% ownership. Originally reported by Financialpost.
GFG Secures $8.1M Financing
GFG Resources Inc. closed its best efforts private placement financing for aggregate gross proceeds of C$8.1 million.
Alamos Gold Maintains 10.8% Interest
Alamos Gold indirectly participated in the Offering to maintain its ownership interest at approximately 10.8% on a non-diluted basis.
Paradigm Capital as Agent
Paradigm Capital Inc. acted as sole agent and bookrunner in connection with the Offering.
CEO Statement on Funding
Brian Skanderbeg, President and CEO, stated the financing puts GFG in a strong position to advance exploration at Aljo and Goldarm.
Funding Breakdown
The Offering included 5,336,800 hard dollar units at C$0.19, 7,529,300 flow-through shares at C$0.22, and 20,225,100 premium flow-through units at C$0.266.
Use of Proceeds
Proceeds will fund Canadian exploration expenses qualifying as flow-through mining expenditures by December 31, 2027.
The bottom line
GFG Resources closed an $8.1 million financing to advance gold exploration at Aljo and Goldarm properties with Alamos Gold maintaining 10.8% ownership.
