Business
Northstar Gold Corp. Closes First Tranche of $500,000 Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2023) - Northstar Gold Corp. (CSE: NSG...
About this update from Northstar Gold Corp. Class A
[{"type":"text","content":"Northstar Gold Corp. Closes First Tranche of $500,000 Private PlacementVancouver, British Columbia--(Newsfile Corp. - August 30, 2023) - Northstar Gold Corp. (CSE: NSG) (\"Northstar\" or the \"Company\"), announces the Company has closed the first tranche of its previously announced non-brokered private placement (the \"Offering\") of units (\"Units\"). The first tranche consisted of 3,990,000 Units for a total of $219,450. This exceeds first tranche expectations of $200,000 announced on August 15, 2023. Northstar has since received additional orders to close a second tranche in the near term. The Units were priced at $0.055 and comprised of one common share of the Company and one share purchase warrant. Each full Warrant is exercisable into one additional common share of the Company at an exercise price of C$0.075 for a period of 24 months. The Company paid a total of $385 in finder fees associated with the Offering and issued 7,000 finder warrants at an exercise price of $0.075 expiring 24 months from the closing date of the Offering. All securities issued under the Offering are subject to a statutory four month hold period from the closing date under applicable Canadian securities laws.The gross proceeds from this private placement will be used primarily to fund Critical Minerals exploration at the historic high-grade Cam Copper Mine on the 100%-owned Miller Gold Property. Proceeds will also provide for LIDAR and MMI soil surveys on the Company's 100%-owned Rosegrove Property, targeting alkaline intrusion-hosted gold mineralization, and for general working capital purposes. Northstar's primary exploration focus is the advancement of the Company's flagship, 100%-owned Miller Gold Property, situated 18 km southeast of Kirkland Lake and Agnico Eagle Mine's Macassa SMC gold mine. The Company's strategy is to develop a material (+1 million ounce) mineral resource base to support a stand-alone mining operation at the Miller Gold Property. The Historic High-Grade Cam Copper Mine Critical Minerals Exploration OpportunityOn July 5th, 2023, Northstar announced high-grade copper results of a recent surface sampling program at the historic Cam Copper Mine site on the Company's 100%-owned, flagship Miller Property, situated 18 km southeast of Kirkland Lake, Ontario. The Cam Copper Mine is a road accessible satellite high-grade copper syst...