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Precipitate Closes Second Tranche and Completes $2,595,000 Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 21, 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 21, 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 total non-brokered private placement of $2,595,000. Terms of the offering were announced by way of the Company's news release dated July 5, 2016, followed by the Company's announcement dated July 13, 2016 of the closing of a first tranche of $1,249,750 (4,999,000 Units). The second and final tranche consists of the issuance of an additional 5,381,000 Units for second tranche proceeds of $1,345,250. In total 10,380,000 Units have been issued in this private placement for total proceeds of $2,595,000. Precipitate's President & CEO, Jeffrey Wilson stated, \"We are pleased to complete this private placement which strengthens the Company's treasury, positioning Precipitate to complete a significant follow up drill program at the Company's Ginger Ridge discovery zone target while continuing to advance multiple new prospective zones within the project to a drill stage through additional geochemical and geophysical surveying in the coming months. Results from recent follow up geochemical sampling, expected shortly, will be integrated into the existing data set and used to define the next work phase which will begin as soon as practical. The selection of geophysical and drill contractors for the next exploration stage is being finalized and an outline of those plans will be announced in coming weeks. We're thankful to the existing shareholders and new investors who participated in this offering and look forward to commencing these exciting next phases of work.\" As previously announced, each Unit 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 issuance date of the warrant. 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...