Enforcer Gold completes $2.86M first tranche

CPE News

Updated on:

Toronto (pcJ News Briefs) – Enforcer Gold Corp. (TSX-V: VEIN, FSE: N071) has completed a first tranche of $4 million previously announced increased non-brokered private placement for gross proceeds of $2,860,740.

Enforcer Gold issued: (a) 7,278,700 units at $0.20 per unit for gross proceeds of $1,455,740; and 5,620,000 “flow-through” (FT) common shares at $0.25 per FT share for gross proceeds of $1,405,000.

Each unit consists of one common share and one-half of one common share purchase warrant, with each Warrant being exercisable to acquire one common share at a price of $0.30 for a period of 24 months following the closing date of the offering.

Enforcer Gold announced Osisko Mining Inc. (TSX: OSK) will be participating as a subscriber to this offering.

The proceeds from the sale of FT Shares will be used for Canadian Exploration Expenses and will be renounced for the current taxation year.

Enforcer Gold intends to use the proceeds of the financing for exploration on the high-grade Montalembert Gold Project located in Quebec’s prolific Abitibi greenstone belt and for general working purposes.

Enforcer Gold Corp, formerly Natan Resources, is earning a 100% interest in the 7300-square hectare high-grade Montalembert gold project located west of Chibougamau in Quebec’s prolific Abitibi Greenstone Belt.

photo credit: Enforcer Gold