New Carolin Gold (LAD-V) Arranges Financing For Phase 2 Work Program
Nov 4th 2016 - NR
New Carolin Gold is pleased to announce that it has arranged financing for proceeds of up to $1,100,000 (the "Offering") by way of the private placement of up to 13,750,000 flow-through common shares (the "FT Shares") in the capital stock of the Company at a price of $0.08 per FT Share. Each FT Share will be designated as a flow-through share pursuant to the Income Tax Act (Canada). Note that there is no Warrant attached to this financing.
The proceeds from this offering will be used to fund qualified Canadian Exploration Expenditures (CEE) work on the Company's Ladner Gold Project in southwestern British Columbia. The Company recently completed a Phase 1 exploration program and is now preparing for Phase 2, which will focus on an underground exploration and drilling program expected to commence before yearend. Assays from the Phase 1 drill program will be released along with details of the Phase 2 work program in the coming weeks.
Closing of a minimum $500,000 first tranche is expected to occur on or about November 8, 2016, with completion of the balance of the Offering to occur in a second tranche near the end of November, subject to the receipt of all necessary corporate and regulatory approvals, including that of the TSX Venture Exchange. Finder's fees may be paid on portions of the Offering in accordance with TSX Venture Exchange regulations. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.
About New Carolin Gold
New Carolin Gold Corp. is a Canadian-based brownfields development company focused on the exploration, evaluation and development of our 100% owned property consisting of 144 square kilometers of contiguous mineral claims and crown grants collectively known as the Ladner Gold Project. The Company is currently executing exploration programs on the property which is located 2 hours by freeway from Vancouver near Hope, British Columbia, in the prospective and under-explored Coquihalla Gold Belt. The Company has an existing mine permit, water licenses and tailings facility in place, as well as 10.5 kilometers of underground tunnels for exploration access. The Company's Ladner Gold Project is host to several historic gold producers, including the Carolin Mine, Emancipation Mine, Arum Mine, Ward Mine, and Pipestem Mine, in addition to numerous artisan workings and gold prospects that typically exploit high grade visible gold mineralization.
For additional information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert L. Thast"
President & Chief Executive Officer
Phone: 604.542.9458
Cell: 604.220.5031
E-mail: ceo@newcarolingold.com
Web site: www.newcarolingold.com |
