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Precipitate Announces Closing of $1,249,750 First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 13, 2016) - Precipitate Gold Corporation (the "Company" or "Precipitate" or "PRG") (TSX VENTURE:PRG) is pleased
About this update from Precipitate Gold Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 13, 2016) - Precipitate Gold Corporation (the \"Company\" or \"Precipitate\" or \"PRG\") (TSX VENTURE:PRG) is pleased to announce it has received TSX Venture Exchange approval to close a $1,249,750 first tranche of the Company's non-brokered private placement of up to 8,000,000 Units priced at $0.25 per Unit, as reported in the Company's news release dated July 5, 2016. A total of 4,999,000 Units have been issued in this tranche with all securities issued subject to a hold period expiring November 14, 2016. Units issued with this this first tranche combined with subscriptions already received for a second tranche now exceed the previously announced allocation of up to 8,000,000 Units ($2,000,000). As such, to accommodate the over subscription, the Company is increasing the offering to a maximum of 10,000,000 Units for total proceeds of up to $2,500,000. As previously announced, each Unit in this offering consists of one (1) Precipitate common share and one (1) share purchase warrant. Each warrant entitles the Unit holder to purchase one (1) additional Precipitate common share at a price of $0.35 per share at any time within 12 months of the closing. The offering continues to rely upon the usual exemptions, as well an Existing Shareholder Exemption to accommodate participation from existing shareholders who held common shares of the Company as of June 30, 2016. Proceeds of this private placement will be used to continue exploration at the Company's Juan de Herrera Project in the Dominican Republic. The primary focus of the Company's next stage of exploration will be the commencement of a second-phase drill campaign at the Ginger Ridge zone to test an extensive geophysical and geochemical anomaly along strike from the discovery hole that reported 18.0 metres grading 4.5 grams per tonne ('g/t') gold, including 5.0 metres grading 13.4 g/t gold (see PRG news release of September 24, 2014). Proceeds of the offering will also be applied to the ongoing advancement of multiple newly delineated geochemical anomalies identified elsewhere within the Company's property, and general working capital purposes. The Company paid an aggregate of $25,500 and issued 102,000 Finders Warrants in connection with this tranche of the offering. Each Finder's Warrant entitles the holder to acquire one common...