Orca Gold (ORG-V) Nov 4th 2016 is pleased to report that it has closed the previously announced non-brokered private placement of 5,882,353 common shares of the Company at a price of $0.34 per common share, for gross proceeds of up to $2,000,000, subject to the TSX Venture Exchange's final acceptance. The Company received conditional acceptance of the Private Placement from the Exchange on October 28, 2016.
The proceeds of the Private Placement will be used to fund ongoing operations at the Company's 70%-owned Block 14 Gold Project, where it is currently conducting a pre-feasibility study, aimed for completion by the end of Q1 2017, and general working capital purposes.
An 8.0% finder's fee is payable in cash on a portion of the subscriptions from investors introduced by Eric Muschinski and Haywood Securities Inc.
All common shares issued under the Private Placement are subject to a restricted resale period, which is in effect until March 4, 2017, in accordance with applicable Canadian securities laws.
About Orca
Orca Gold Inc. is a Canadian resource company focused on exploration and development opportunities in Africa, where it is currently focused on the development of its 70% owned Block 14 Gold Project in the Republic of the Sudan. The Company has an experienced board of directors and management team and a strong balance sheet, with a treasury of approximately $12.5 million at the date of this news release.
On behalf of the Board of Directors:
Richard P. Clark
CEO and Director
Investor Relations Contact:
Elina Chow
+1.416.645.0935 x 226
info@orcagold.com |
