Vancouver (pcJ News Briefs) – PNG Gold Corporation (TSX-V: PGK) has closed its previously announced non-brokered private placement of 7,682,500 common shares at a price of $0.30 per shars for gross proceeds of $2,304,750.
There will be no further closings under the offering. The private placement remains subject to the final approval of the TSX Venture Exchange.
PNG Gold proposes to use the proceeds of the offering to pay commissions to finders in connection with the offering; to pay the expenses of the offering; and for working capital and general corporate purposes.
PNG also announced that it is receiving up to $180,000 in funding from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). Under the terms of the IRAP contribution agreement, PNG will provide matching funds in support of its previously announced preliminary front end engineering and design (pre-FEED) studies being completed by Stantec Engineering and WSP Canada, as well as for an independently commissioned marketing and economic feasibility study.