Net proceeds from the private placement are expected to fund work on KORE's 100% owned gold portfolio: Long Valley (California), Gold Creek (BC) and FG Gold (BC), as well as for general working capital purposes
KORE Mining is pleased to announce a non-brokered private placement of $3,000,000 consisting of 10,000,000 shares at a price of $0.30 per share, subject to the approval of the TSX Venture Exchange.
Scott Trebilcock, President and CEO stated “On behalf of the Board and the Management of KORE, I am pleased to welcome Mr. Eric Sprott as a major investor. The investment by Mr. Sprott is a strong endorsement for KORE’s portfolio of advanced gold assets.”
Net proceeds of the Private Placement are expected to fund work on KORE’s 100% owned gold portfolio: Long Valley (California), Gold Creek (BC) and FG Gold (BC), as well as for general working capital purposes. Recall that in May 2019, KORE raised $4 million from Macquarie Bank Ltd. to advance permitting of the Imperial oxide gold project in California.
The entire Private Placement is being fully subscribed and invested into by Mr. Eric Sprott. Upon completion of the financing Mr. Sprott will hold 11.3% on a non-diluted basis.
All securities to be issued pursuant to the Private Placement will be subject to a four month hold period from the closing date under applicable securities laws in Canada and among other things, receipt by KORE of all necessary regulatory approvals, including the TSX Venture Exchange.
Source: Company Press Release