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Ophir Gold Corp. Announces Receipt of Approval from the Idaho State Historic Preservation Office and Announces Private Placement of Units for Gross Proceeds of up to C$2.0 Million
Toronto, Ontario--(Newsfile Corp. - November 24, 2020) - Ophir Gold Corp. ( TSXV: OPHR ) ( F...
About this update from Ophir Metals Corp
[{"type":"text","content":"Ophir Gold Corp. Announces Receipt of Approval from the Idaho State Historic Preservation Office and Announces Private Placement of Units for Gross Proceeds of up to C$2.0 MillionToronto, Ontario--(Newsfile Corp. - November 24, 2020) - Ophir Gold Corp. (TSXV: OPHR) (FSE: 80M) (\"Ophir\" or the \"Company\") is pleased to announce that the Idaho State Historic Preservation Office has approved the archeological and cultural report (the \"Breccia Report\") on the Breccia Gold property, which is located in Lemhi County, Idaho, USA (the \"Breccia Gold Property\"). Approval of the Breccia Report is monumental as it represents the completion of the final item required for the National Environmental Policy (\"NEPA\") statement compilation under the scope of original proposed plan of operations. Following receipt of all necessary approvals from the US Forest Service on the final NEPA report, the Company will provide the project reclamation bond. Final permitting will be completed once the reclamation bond has been confirmed as received from the US Forest Service.The Company also announces that it proposes to complete a non-brokered private placement of up to 13,333,333 units (a \"Unit\") of the Company at a price of C$0.15 per Unit for aggregate gross proceeds of up to C$2.0 million (the \"Offering\"). Each Unit shall be comprised of one common share in the capital of the Company (each a \"Common Share\") and one Common Share purchase warrant of the Company (each a \"Warrant\"). Each Warrant shall be exercisable into one Common Share at a price of C$0.22 at any time on or before the date which is 24 months after the closing date of the Offering. Red Cloud Securities Inc. will be acting as finder on behalf of the Company in connection with the Offering. The net proceeds from the sale of the Units will be used for the exploration on the Company's Breccia Gold Property and for general working capital purposes. The closing of the Offering, which is expected to take place on or before December 17, 2020, is subject to receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws. The securities offered have not been, and will not b...