Business
Providence Gold Mines Inc. Financial Update
(TheNewswire) VANCOUVER – TheNewswire - February 27, 2023 - Providence Gold ...
About this update from Providence Gold Mines Inc
[{"type":"text","content":"Providence Gold Mines Inc. Financial Update\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n VANCOUVER –\n \n \n TheNewswire -\n \n \n February 27, 2023 - Providence Gold Mines\nInc.\n \n \n (\n \n \n TSX\n \n \n V\n \n \n :PHD\n \n \n )\n \n \n (\n \n \n OTC:PRRVF\n \n \n )\n \n \n (\n \n \n FRANKFURT EXCHANGE:7RH1-F)\n \n \n (“Providence” or the\n“Company”)\n \n \n is pleased to announce that it\nhas been approached by certain insiders and professional service\nproviders to forgive A/P that is owed to them for accounting,\nexploration and management services. The Board has unanimously\naccepted their offer and has retired $277,838 of debt to this group.\nTo be clear, this is not a debt for shares settlement but a complete\nforgiveness of the debt by these certain Insiders and professionals.\nThe Board would like to thank the group for their significant\ncommitment to the Company, and for their instrumental role in\nstrengthening the Company’s financials as the Company continues\n \n \n in discussions to complete funding for its\nplanned 4,000 meters of HQ core drilling program.\n \n \n \n \n Additionally, the Company announces that, subject to\nfinal regulatory approval, it has completed a small private\nplacement\n \n \n of 1,236,860 units at a price of $\n0.07 raising a total proceeds of $86,580. These proceeds will be used\nfor marketing and administrative purposes. Each Unit consists of one\ncommon share and one purchase warrant. Each purchase warrant entitles\nthe holder to purchase an additional common share at a price of $0.05\nfor a period of 24 months from the date of issue.\n \n \n \n \n An Insider participated in the Private Placement, and\nno finders’ fees were paid in connection with the private\nplacement.\n \n \n \n \n Project Achievements and\nPlans:\n \n \n \n \n Since optioning the Providence Group of Gold Mines,\nlocated nearby, Sonora California in the bountiful Motherlode gold\nbelt, the Company has utilized state of the art exploration technology\nconsisting of underground 3D laser mapping, aerial survey photography,\nunderground channel samples, conventional surface trenching channel\nand soil sampling.   The success exploration resulted in the\ndevelopment of numerous ...