Blackrock Gold Corporation (CVE:BRC) closed a major funding package to support a new drilling program at the Silver Cloud property in Nevada.
The Vancouver-based company told shareholders that it had completed a C$1.02 million financing last week, an over-subscribed private placement announced on August 13.
The explorer increased the size of the non-brokered private placement, issuing nearly 6.4 million units of the company at a price of C$0.16 for total proceeds of C$1,020,820.
Each unit consists of one share and one-half of one warrant exercisable at C$0.25 for a three-year period ending September 6, 2022.
The company said it expects to pay a finder’s fee of C$6,355 in cash. Shares and warrants issued are subject to a holding period ending January 7, 2020.
Silver Cloud 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.
Blackrock is preparing for an upcoming 2,000-metre drill program at the project, the first at Silver Cloud in nearly 15 years.
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