Blackrock Gold Corp (CVE:BRC) has raised around C$4.53 million after closing its previously announced oversubscribed private placing, the junior explorer reported.
As previously reported, the proceeds will be used to fund a planned 7,000 metre reverse circulation (RC) drill program and to evaluate historic mine dumps and tailings at the Tonopah West property.
Tonopah West is a significant landholding within a historic silver district, comprising 97 patented and 17 unpatented lode mining claims.
The funds will also be used to continue with this year's exploration program at the group's Silver Cloud property, with what is left to be used for general working capital.
In all, Blackrock Gold issued over 22.6 million units at C$0.20 each for gross proceeds of around C$4,534,147.
Each unit comprises one share and one-half of a share purchase warrant. Each warrant entitles the bearer to acquire one share at an exercise price of C$0.30 until June 4, 2023.
Blackrock Gold is focused on its Nevada portfolio consisting of epithermal gold and silver projects located along on the Northern Nevada Rift in north-central Nevada, and the Walker Lane trend in western Nevada.
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