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Contact Gold Announces $750,000 Non-Brokered Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - March 27, 2020) - Contact Gold Corp. (TSXV: C)...
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[{"type":"text","content":"Contact Gold Announces $750,000 Non-Brokered Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - March 27, 2020) - 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 7,500,000 units (\"Units\") at a price of $0.10 per Unit (the \"Offering Price\") for gross proceeds of up to $750,000. Each Unit will consist of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder to purchase an additional Common Share at a price of $0.15 per share for a period of 24 months from the closing date (the \"Expiry Date\"). In the event that at any time between four months and one day following the closing date and the Expiry Date, the Common Shares trade on the TSX Venture Exchange (the \"TSXV\") at a closing price which is equal to or greater than $0.30 for a period of ten consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date such notice is provided.Net proceeds of the Offering are expected to be used to undertake further drilling at Contact Gold's Green Springs & Pony Creek gold projects located in Nevada, and for general working capital.Green Springs Project:The past-producing Green Springs gold project is located at the southern end of Nevada's prolific Carlin Trend, 60 km southwest of the historic mining centre of Ely, Nevada in a region hosting numerous producing and past producing Carlin-type gold deposits. Green Springs encompasses 16 km2 and is approximately 10 km east of Fiore Gold's Gold Rock Project, 10 km south of Waterton's Mt. Hamilton gold deposit and 20 km southeast of Fiore Gold's producing Pan Mine. In 2019 Contact Gold confirmed that past drilling at the Echo and Charlie zones hit entirely oxidized gold mineralization in 4 drill holes that were re-assayed for cyanide solubility. Subsequently Contact Gold started a drill program to follow-up and extend oxide gold mineralization from in the known zones and drilled 1,300m in 10 drill holes. Contact Gold recently reported new oxide gold discoveries at the Alpha and Echo Zones.2019 Drill Highlights include:4.09 g/t Au...