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Big Ridge Gold Corp Closes $1.5 Million Private Placement, Announces Michael Gentile Increases Holdings to 9.9%
Toronto, Ontario--(Newsfile Corp. - September 18, 2024) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQ...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Gold Corp Closes $1.5 Million Private Placement, Announces Michael Gentile Increases Holdings to 9.9%Toronto, Ontario--(Newsfile Corp. - September 18, 2024) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) (\"Big Ridge\" or the \"Company\") is pleased to announce that it has closed a non-brokered private placement of 30,000,000 common shares of the Company at $0.05 per share for aggregate gross proceeds to the Company of $1,500,000 (the \"Offering\").The Company intends to use the net proceeds of the Offering to fund continued exploration and development of Big Ridge's Hope Brook Gold Project and for general working capital purposes. No brokers or finders fees were paid in connection with the Offering.Michael Bandrowski, President & CEO of the Company, commented: \"Big Ridge is pleased to receive continued support from existing shareholders, including strong participation from Mr. Michael Gentile, PowerOne Capital Group, and other supportive shareholders. We look forward to upcoming results from our 2024 summer field program, environmental baseline work and ongoing ore sorting studies at the Hope Brook Gold Project.\" Michael Gentile commented: \"Over the last six months I have acquired 12.6 million shares of Big Ridge Gold Corp., increasing my holdings to 9.9 percent of the company. With a market capitalization of only $11 million, Big Ridge is a compelling opportunity at current valuation levels. The company is well positioned to capitalize on the strong gold price environment with a project that can advance quickly. Hope Brook is an advantaged project due to regional infrastructure synergies, significant exploration potential and environmental work already completed and the ability to generate a Preliminary Economic Assessment in the near future. Big Ridge has chosen to preserve its capital in this difficult market for juniors and is now judiciously raising money from a core group of shareholders to unlock significant value via the advancement of key milestones.\"The securities issued pursuant to the Offering are subject to a four month hold period expiring January 19, 2025.This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United Stat...