Vancouver (pcJ News Briefs) – Pinecrest Resources Ltd. (TSX-V: PCR) has closed previously non-brokered private placement of 7,150,000 common shares at $0.21 per share for gross proceeds of $1,501,500.
Proceeds will be used to advance the exploration and development of its 100% owned Enchi Gold Project in Ghana and for general working capital purposes.
Insiders of the company subscribed to 5,096,000 common shares.
On completion of the private placement, Pinecrest has 62,066,547 common shares issued and outstanding and $2.5 million in working capital. Insiders will own 22% of the company’s issued and outstanding share capital.
Pinecrest engages principally in the acquisition, advancement and development of precious metal properties with the Company’s primary focus being the 100% owned Enchi Gold Project located in Southwest Ghana.
photo credit: Pinecrest Resources