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Contact Gold Announces $2.0 Million Non-Brokered Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - February 4, 2019) - Contact Gold Corp.  ...
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[{"type":"text","content":"Contact Gold Announces $2.0 Million Non-Brokered Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - February 4, 2019) - Contact Gold Corp. (TSXV: C) (the \"Company\" or \"Contact Gold\") is pleased to announce the terms of a non-brokered private placement (the \"Offering\") of up to 6,896,552 common shares of the Company (\"Common Shares\") at a price of $0.29 per Common Share (the \"Offering Price\") for gross proceeds of up to $2,000,000. The Offering Price represents an approximate 9.4% discount to the closing price of the Common Shares on February 1, 2019 (the \"Current Market Price\").Each Common Share shall be accompanied by one right (a \"Right\") which shall entitle the holder thereof to a certain number of additional Common Shares upon conversion of the Right, with such number of additional Common Shares to be determined based on completion of the first of specific milestones as detailed in this release. Net proceeds of the Offering are expected to be used to undertake further drilling at Contact Gold's Pony Creek project located in Elko County, Nevada, and for general working capital.Pony Creek Project:The Pony Creek project is located on Nevada's prolific Carlin Trend, immediately south of Gold Standard Venture's Railroad project and 20 km south of Newmont Mining's Rain and Emigrant gold mines. Pony Creek totals 107 km2 of prospective mineral tenure and hosts multiple Carlin Type gold occurrences, including the Bowl and West Zones, and multiple untested exploration targets.In 2018 Contact Gold made a new gold discovery at Pony Creek's West Zone, with near surface oxide gold mineralization in drilling over a 2.3 kilometre strike length.During 2019, the Company anticipates continuing exploration on the Pony Creek property. The Company plans to grow the new discovery at the West Zone, expand the footprint at North Zone and follow-up on the Pony Spur, Moleen and Elliott Dome targets. Details of the Offering:Each Common Share shall be accompanied by one Right which shall automatically convert and entitle the holder thereof to additional Common Shares on the date which is the earlier of: (i) the closing of a public offering by the Company pursuant to a registration statement or offering statement filed with the United States Securities Exchange Commission (a \"Qualified Offering\") under the...