FenixOro Gold Announces Private Placement Financing

About this update from Fenixoro Gold Corp.

[{"type":"text","content":" TORONTO, June 15, 2022 (GLOBE NEWSWIRE) -- FenixOro Gold Corp. (CSE: FENX; OTCQB: FDVXF; Frankfurt: 8FD) is pleased to announce a non-brokered private placement (the \"Private Placement\") consisting of (\"Units\") at a price of $0.18 per Unit for anticipated gross proceeds of between $2 million and $3 million. Each Unit will consist of one common share of the Company and one whole 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 twenty-four months from the date of issuance. 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 intends to use the net proceeds of the Private Placement to continue its Phase 2 drilling campaign to identify and drill out new discovery targets, particularly on the highly prospective southeastern block. Company Management and members of the Board of Directors are participating in the financing. Closing of the Private Placement is subject to certain standard closing conditions, as well as the approval of the Canadian Securities Exchange. Closing is expected to be completed on or about June 30, 2022. Customary finders fees may be paid to third parties that assist with the Private Placement. FenixOro CEO John Carlesso commented: “Following the recent discovery of the Prospera Vein in the Southern block, which hosts the highest grades of gold and silver ever recorded on the project, we are keen to test many key areas associated with this new, very prospective target. This follows the significant success of our Phase 1 and Phase 2 drilling programs where we intercepted 'Buritica style' mineralization, known for high grade gold in vein structures and wider zones of lower grade mineralization, in multiple locations across the northern block of the project. Our modelling exercise continues to expand to include many newly discovered vein structures over the course of the ongoing program, and we anticipate that the Prospera Vein will soon be incorporated.” About FenixOro Gold Corp. FenixOro Gold Corp is a Canadian company focused on acquiring and exploring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro's flagship property, the Abriaqui proj...

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