Corvus Gold (KOR-T) closes $5.23-million private placement
Nov 26, 2013
Jeffrey Pontius, chief executive officer of Corvus, stated: "The closing of this strategic financing on terms that minimize shareholder dilution in a challenging market highlights the confidence and commitment of our major shareholders. It is also exciting to have Euro Pacific Gold Fund and Peter Schiff join the Corvus shareholder group with their insightful view on our sector. Management firmly believes that an integral part of maximizing the upside potential of the North Bullfrog project is the continued drilling and expansion of our newly discovered Yellowjacket high-grade gold-silver system. The impact of the results from this high-grade gold and silver system on the existing global project resource and preliminary economic assessment should be apparent in the updated resource estimate and PEA scheduled for release following the end of the 2013 drill season in the first quarter of 2014. As a result of this financing, Corvus will be able to continue with an aggressive drill program at Yellowjacket and other high-grade targets, as well as proceed towards initial permitting work next year."
Insider participants in offering, which did not include the issuance of any warrants, include: Tocqueville Asset Management LP (one million shares); AngloGold Ashanti (USA) Exploration Inc. (three million shares); and Corvus management and directors (385,000 shares), including Jeffrey Pontius, Dr. Russell Myers, Catherine Gignac, Steve Aaker, Quentin Mai, Peggy Wu and Lawrence Talbot. Full insider transaction details can be found on SEDI. Corvus now has approximately $8-million in working capital as at the closing of the offering. |
