FenixOro Gold Corp Announces C$3 Million Private Placement Financing

About this update from Fenixoro Gold Corp.

[{"type":"text","content":" TORONTO, Nov. 05, 2021 (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 $0.31 per Unit for anticipated gross proceeds of approximately $3,000,000. 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 $0.34 for a period of two years 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 expand its Phase 2 drilling campaign and increase the number of drill rigs on the project with a two-fold objective of rapidly advancing towards a maiden resource calculation and continuing to identify and drill out new discovery targets, particularly on the highly prospective southeastern block. 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 November 15, 2021.  FenixOro CEO John Carlesso commented: “Following the significant discovery from our successful Phase 1 drilling program, (see press releases March 19, 2021 and September 28, 2021), our Exploration team is eager to increase the pace of development at Abriaqui. Drilling to date has 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, and we continue to discover new vein structures in close proximity to existing known veins. Our modelling exercise is expected to expand to include many of these newly discovered structures over the course of the current Phase 2 drilling program.” 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 project, is the closest project to Continental Gold's Buritica project. It is located 15 ...

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