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AurCrest Gold Announces Closing of First Tranche of Private Placement and Work Program at Richardson Lake
TORONTO, ON / ACCESSWIRE / April 9, 2019 / AurCrest Gold Inc. (the " Company " or " AurCrest...
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[{"type":"text","content":"AurCrest Gold Announces Closing of First Tranche of Private Placement and Work Program at Richardson LakeTORONTO, ON / ACCESSWIRE / April 9, 2019 / AurCrest Gold Inc. (the \"Company\" or \"AurCrest\")(TSX-V: AGO)(FRANKFURT: TM8A, WKN: A0YG1K) is pleased to announce the closing of a first tranche of the 10 million working capital unit non-brokered private placement announced on March 27, 2019 with the placement of 1,200,000 working capital units for proceeds of $60,000. The funds will be used for an exploration program at the Company's Richardson Lake property and for working capital.The Company intends to initiate a borehole IP work program associated with the Company's discovery holes drilled in 2012 (see Press Release issued April 30, 2012) and in 2014 (see Press Releases issued September 14, 2014, and November 4, 2014). The planned borehole IP program will take advantage of continuingly favourable ice conditions at Richardson Lake to survey the zone between the 2012 and 2014 discovery holes as well as potential mineralization structures beneath the lake, to assist the design of future exploration drilling programs on the property.In addition, the Company has secured a time extension for property maintenance on cell claims within the Western Fold property, contiguous to the Richardson Lake property, and a portion of assessment credits from this borehole IP program will be applied to maintain the Western Fold property in good standing. The Company has allowed certain cell claims within the Western Fold property to lapse, and has further staked new cell claims along the northern boundary of the cell claims currently subject to the time extension.Each working capital unit (a \"WC Unit\") is priced at $0.05 and consists of one (1) common share and one (1) common share purchase warrant (\"WC Warrant\"). Each WC Warrant entitles the holder to purchase one (1) common share (a \"WC Warrant Share\") at a price of $0.075 per WC Warrant Share for thirty-six (36) months following the closing of this first tranche of the Offering. The securities issued are subject to a hold period expiring on August 10, 2019. The private placement will remain open until at least April 26, 2019.About AurCrest Gold Inc.AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfol...