St. James Gold (LORD-V) Closes Fully Subscribed $850k PP
Mar 10, '21 - NR
St. James Gold Corp. has closed the previously announced non-brokered private placement and has issued 590,264 units at a price of $1.44 per unit for gross proceeds of $849,980. Each unit will comprise one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at $2.50 per share for a period of two years from the date of issue.
In conjunction with the Company's recently completed non-brokered private placement at $0.67 per unit in January 2021, financings and exercise of warrants in the past two months have added in excess of $1,200,000 to the Company's treasury.
George Drazenovic, chief executive officer of St. James, stated: "I would like to thank all new and existing shareholders for their continued support as we move the Company forward. Closure of this round of financing has placed St. James in a very favourable financial position to further explore and develop our current gold assets in Newfoundland. Concurrently, we intend to leverage our strong Balance Sheet to further identify high impact, undervalued gold exploration assets in North America."
All securities issued in connection with the offering will be subject to a four-month statutory hold period plus a day from the Closing Date in accordance with applicable securities legislation.
The proceeds of the offering will used to conduct exploration work on the company's Newfoundland properties, general corporate and working capital purposes, and to conduct due diligence on additional potential gold asset acquisitions.
Historic information on the Grub Line Quinn Lake projects, notably in regard to historical exploration, adjacent companies and recent discoveries, and governmental geological compilations, provides an indication of the potential of the project, but may not be representative of expected results.
Dr. Stewart Jackson, PGeo, senior technical adviser geologist, a qualified person within the meaning of National Instrument 43-101 (Standards of Disclosure for Minerals Projects), has reviewed and approved the technical and scientific information presented herein as accurate and approved this news release.
About St James Gold Corp.
St. James Gold Corp. is a publicly traded company listed on the TSX Venture Exchange under the ticker LORD. The company is focused on creating shareholder value through the discovery and development of economic mineral deposits by acquiring prospective exploration projects with well delineated geological theories, integrating all available geological, geochemical and geophysical datasets, and funding efficient exploration programs. The Company currently holds an option to acquire a 100% interest in 29 claims covering 1,791 acres in the Gander gold district in north-central Newfoundland adjacent to New Found Gold Corp.'s Queensway North project, and an option to acquire a 100% interest in 28 claims covering 1,730 acres in central Newfoundland adjacent to Marathon Gold's Valentine Lake property.
St. James Gold Corp.
For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com |
