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Dryden Gold Arranges Strategic Investment by Centerra Gold Through $3.38 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 10, 2024) - Dryden Gold Corp. (TSXV: DRY...
About this update from Dryden Gold Corp
[{"type":"text","content":"Dryden Gold Arranges Strategic Investment by Centerra Gold Through $3.38 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 10, 2024) - Dryden Gold Corp. (TSXV: DRY) (OTCQB: DRYGF) (\"Dryden Gold\" or the \"Company\") is pleased to announce that it has arranged a C$3.38 million non-brokered private placement (the \"Offering\") of an aggregate of 14,930,001 common shares. In connection therewith, the Company and Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (\"Centerra\") have agreed to a strategic investment, whereby Centerra will acquire approximately 9.9% of the issued and outstanding common shares of the Company (the \"Shares\") following completion of the Offering. The Offering will consist of: (i) 11,988,825 charity flow through shares (the \"CFT Shares\") at a price of $0.24 per CFT Share and (ii) 2,941,176 hard dollar shares (the \"HD Shares\") at a price of $0.17 per HD Share, all for total aggregate proceeds of $3,377,390 an average price of $0.23 per share based on the 20-day volume weighted average price (\"VWAP\"). Centerra will be the end purchaser of all the CFT Shares (following the charitable flow through donations in the Offering) and all the HD Shares. No finder's fees will be paid with respect of the Shares.Trey Wasser, CEO of Dryden Gold, states, \"We're very excited to welcome Centerra as a new strategic investor in Dryden Gold. Centerra is using its strong balance sheet to focus on organic growth through strategic investments and is providing valuable capital to select junior mining companies. We look at this investment as a strong validation of our Property, our Team and the science behind our exploration program. The proceeds of this financing will go directly towards advancing and expanding our exploration initiatives in the Dryden Gold District. Together with our recently closed financing, the Company will now be fully financed through 2025 with a $5.8MM exploration budget and an additional $2MM in hard dollars to cover G&A, marketing and our final property payment to Alamos Gold.\"The proceeds from the Offering will be used to advance exploration at Dryden Gold's 70,000-hectare property in northwest Ontario. All of the gross proceeds received by the Company from the issuance of the CFT Shares will be used to incur eligible \"Canadian explor...