Business
Pinecrest Resources Announces $3,000,000 Non-Brokered Private Placement to Advance the Enchi Gold Project, Ghana, and Management and Board Changes
VANCOUVER, British Columbia, May 19, 2020 (GLOBE NEWSWIRE) -- Pinecrest Resources Ltd. (TSX-V: PCR) (the "Company" or "Pinecrest") is pleased to announce that i
About this update from Newcore Gold Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, May 19, 2020 (GLOBE NEWSWIRE) -- Pinecrest Resources Ltd. (TSX-V: PCR) (the \"Company\" or \"Pinecrest\") is pleased to announce that it intends to conduct a non-brokered private placement of up to 15,000,000 common shares (\"Shares\") of the Company at a price of $0.20 per share for gross proceeds of up to $3,000,000 (the \"Private Placement\"). The proceeds of the Private Placement will be used to advance the exploration and development of the Company's 100% owned Enchi Gold Project in Ghana and for general corporate purposes. Pinecrest currently has 64.3 million shares issued and outstanding with the Board and Management owning a 40% equity interest and Kinross Gold Corporation (“Kinross”) owning an approximate 17% equity interest. All shares issued pursuant to the Private Placement will be subject to a hold period expiring four months and a day following the date of issue. A finder’s fee may be payable on a portion of the financing. The Private Placement is subject to receipt of all required approvals, including the approval of the TSX Venture Exchange, as well as the execution of formal documentation. The Private Placement is scheduled to close on or before June 17, 2020. Upon closing of the Private Placement, Pinecrest will have approximately 79.3 million shares issued and outstanding. The Company is also pleased to announce the appointment of Mr. Luke Alexander as President, Chief Executive Officer and Director of Pinecrest, Mr. Douglas Forster, an existing Director, as non-executive Chairman, and Ms. Omaya Elguindi as a Director of the Company effective immediately. Douglas Forster, Chairman of Pinecrest stated: “We are very pleased to welcome Luke Alexander as President, CEO and Director of Pinecrest and Omaya Elguindi as Director of the Company. Luke is a capital markets and natural resource finance professional and he brings a wealth of mining knowledge, contacts, and experience to the Pinecrest executive team and Board. I have previously worked with Luke on Newmarket Gold and Calibre Mining where he had a significant impact on institutional investor awareness and capital campaigns. Omaya is the founder of several highly successful companies and brings an abundance of valuable business experience, fresh insight and expertise to our board. Ou...