viewPlato Gold Corp

Plato Gold raises private placement to $195,000


Canadian junior miner Plato Gold Corp (CVE:PGC) reported on Monday that it plans to boost its non-brokered private placement and will use the profits to fund exploration work for its properties in Quebec.
Plato Gold said it will now sell 3.9 million flow-through shares for 5 cents per flow-through unit, for a profit of $195,000. That is up from its initial offering of 3.5 million flow-through shares for profit of $175,000 reported on Sept 14.

Each flow-through unit consists of one common share, which qualifies as a flow-through share, and one half common share purchase warrant. Each full common share purchase warrant is exercisable to acquire one common share for a period of 18 months at a price of 10 cents per share.

The proceeds from the sale of the Flow-Through Units will be used by the company for exploration work on its properties in the Val d'Or region in Quebec.

Plato said the offering is expected to close around Sept. 23 and is subject to Toronto Stock Venture Exchange regulatory approvals.

President and CEO, Anthony Cohen, of Plato Gold said in a statement that the current financing will enable the company to continue next stage exploration work in Val d’Or, Quebec.

“The company remains focused on our goal to increase the size of our NI 43-101 compliant resource in Val d'Or, as well as our ongoing projects in Timmins, Ontario and in Santa Cruz, Argentina.”

Plato holds a total of seven exploration properties in northern Quebec and four in northern Ontario. It also owns the Lolita property in Santa Cruz, Argentina, which is comprised of three concessions, with drill targets expected on this site by year-end.

The Toronto-based company’s stock soared 12.50% to trade at 50 cents per share late Monday on the Toronto Stock Exchange.

Quick facts: Plato Gold Corp

Price: 0.025 CAD

Market: TSX-V
Market Cap: $5.11 m

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