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Eskay Mining Corp Announces First Closing of Non-Brokered Private Placement, Further Increase to Flow-through Offering and Exploration Plans
TORONTO, ON / ACCESSWIRE / June 4, 2020 / Eskay Mining Corp. ("Eskay" or the "Company") (TSXV...
About this update from Eskay Mining Corp
[{"type":"text","content":"Eskay Mining Corp Announces First Closing of Non-Brokered Private Placement, Further Increase to Flow-through Offering and Exploration PlansTORONTO, ON / ACCESSWIRE / June 4, 2020 / Eskay Mining Corp. (\"Eskay\" or the \"Company\") (TSXV:ESK)(OTC PINK:ESKYF)(Frankfurt:KN7)(WKN:A0YDPM) wishes to announce that, further to its Press Release of May 25, 2020, it has closed the first tranche of its non-brokered private placement with the sale of 1,000,000 flow-through units (the \"FT Units\") at a price of $0.255 per FT Unit for $255,000 and 550,000 working capital units (\"WC Unit\") at a price of $0.17 per WC Unit for $93,500. A finder was paid a cash fee of $1275.The Company also wishes to announce that it plans to increase its flow-through offering by a further 2,050,000 FT Units to up to 8,950,000 FT Units of the Company at a price of $0.255 per FT Unit for up to $2,282,250 to fund its 2020 exploration. The Company will be closing the remaining 7,950,000 FT Units for $2,027,250 along with a further 2,452,941 WC Units for $417,000 (as referred to in the May 25, 2020 Press Release) within the next 2 weeks.Proceeds from this financing will allow Eskay Mining to undertake an aggressive field program over its approximately 500 sq km of prime tenure within the Golden Triangle, British Columbia. Since October, 2019, Eskay, in collaboration with the Colorado School of Mines, has been systematically collating and reinterpreting historic exploration data from the property. At this point, the Company believes many areas remain far under-explored including its 100% owned Corey tenements where limited work has been conducted in recent time.Eskay is planning an multifaceted geophysical program including airborne electromagnetic surveys to look for chargeable features such as potentially mineralized sulfide-bearing rocks, audio magnetotelluric surveys to help elucidate stratigraphy to better the determine position of favorable host units, and induced polarization surveys to look for near-surface sulfide-bearing rocks for refined drill targeting. In addition, the Company will also conduct a property wide specialized stream sediment program, \"BLEG,\" in which clay fraction sediment is collected from active waterways and analyzed for gold and associated pathfinder elements. Commencement of this program is expected within the month of June.As data...