Blackrock Gold Corporation (CVE:BRC) announced Monday that it raised C$600,000 to help fund exploration at the Silver Cloud project in Nevada.
The junior exploration company said in a statement Monday that it has closed a non-brokered private placement of a maximum of 6 million units at a price of $0.10 for gross proceeds of $600,000.
Each unit consists of one share and one half of one warrant, which is exercisable at $0.16 for a three-year period from the date of issuance.
The majority of the proceeds will be used to fund exploration at Silver Cloud, with a small portion dedicated to general working capital.
Blackrock’s flagship Silver Cloud project is a 4,500-hectare property on the convergence of the Carlin Trend and Northern Nevada Rift, one of the richest gold mining areas in North America.
Andrew Pollard, Blackrock’s CEO, acquired an aggregate of 1 million units, the company informed investors.
Shares of Blackrock were at C$0.11 on Monday afternoon in Toronto.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas