Business
Havilah Announces Closing of Non-Brokered Private Placement of Flow-Through Shares
Havilah Announces Closing of Non-Brokered Private Placement of Flow-Through Shares ...
About this update from 1911 Gold Corp.
[{"type":"text","content":"\n\n\n\nHavilah Announces Closing of Non-Brokered Private Placement of Flow-Through Shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 18, 2019\n\n\n\nTORONTO, March 18, 2019 /CNW/ - Havilah Mining Corporation (\"Havilah\" or the \"Company\") (TSXV: HMC) is pleased to announce that the Company has closed the previously announced non-brokered private placement financing for aggregate proceeds of $4,000,000 (the \"Offering\"). The Offering consisted of 8,333,333 flow-through common shares (\"FT Shares\") at a price of $0.48 per FT Share.\n\n \n \n\n \nThe gross proceeds from the sale of the FT Shares will be used to incur eligible Canadian Exploration Expenses (\"CEE\") at the Company's True North project for exploration of the Rice Lake greenstone belt located in Manitoba, Canada. The Company will renounce CEE effective on or before December 31, 2019. \nPursuant to applicable Canadian securities laws, all securities issued pursuant to the Private Placement are subject to a hold period of four months and one day, expiring on July 18, 2019. The Private Placement remains subject to the TSX Venture Exchange's final approval.\nAbout the Rice Lake greenstone belt\nThe Rice Lake greenstone belt is situated at the western extent of the Uchi Subprovince of the Archean Superior Province, approximately 150 kilometres northeast of Winnipeg, Manitoba and 110 kilometres west of Red Lake, Ontario. It represents the Manitoba extension of the Red Lake and Birch-Uchi greenstone belts in Ontario, which have collectedly produced in excess of 30 million ounces of gold. Like the Red Lake belt, the Rice Lake belt records more than 300 million years of magmatism, sedimentation and orogenic activity along the south margin of the North Caribou Terrane – the ancient nucleus of the western Superior Province. Additionally, the Rice Lake belt is bounded by crustal-scale faults and contains fault-controlled basins of 'Temiskaming-like' fluvial-alluvial clastic rocks, which are important empirical guides to areas of high potential for orogenic ...