Business
FenixOro Gold Announces Closing of 2nd Tranche of Private Placement for Gross Proceeds of $2,080,000 to Continue Drilling of Southern Block
Toronto, Ontario--(Newsfile Corp. - October 20, 2022) - FenixOro Gold Corp. (CSE: FENX) (OTCQB: FDVXF) (FSE: 8FD) (the "Company") is pleased to announce that it
About this update from Fenixoro Gold Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - October 20, 2022) - FenixOro Gold Corp. (CSE: FENX) (OTCQB: FDVXF) (FSE: 8FD) (the \"Company\") is pleased to announce that it has closed a second tranche of its non-brokered private placement (the \"Private Placement\"), previously announced on June 15, 2022. The Company today issued a total 11,555,555 Units (\"Units\") at a subscription price of $0.18 per Unit for gross proceeds of $2,080,000. Each Unit consists of one common share of the Company and one common share purchase warrant, with each warrant being exercisable for one additional common share at an exercise price of $0.23 for a period of two years from their date of issuance. Closing of this second tranche of the Company's Private Placement, brings the total gross proceeds raised to $2,449,000 and exceeds the Company's intended minimum raise. The Company intends to use the net proceeds of the Private Placement to continue its Phase 2 drilling program at the Abriaqui Project, with a focus the area surrounding the newly discovered Prospera Vein (for further information see the Company's press release of June 9, 2022). The Prospera discovery is significant in that it is near the top of a ridge in the southern block and has shown the highest grades of gold and silver ever recorded on the project. Over a continuous 100 meter sampling of the mine working the massive sulfide core averages 39.2 g/t gold (1.26 oz/t) and 254 g/t silver (8.17 oz/t). All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company also issued 30,00 broker warrants to arm's length parties who assisted with the closing of Private Placement. Each such broker warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.23 for a period of 24 months from their date of issuance. About FenixOro Gold Corp. FenixOro Gold Corp is a Canadian company focused on acquiring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro's flagship property, the Abriaqui project, is located 15 km west of Continental Gold's Buritica project in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years i...