Business
Southern Empire Announces $4 Million Private Placement Financing
(via TheNewswire) TheNewswire - May 25, 2020 - Southern Empire Resources Corp. ...
About this update from Southern Empire Resources Corp
[{"type":"text","content":"Southern Empire Announces $4 Million Private Placement Financing(via TheNewswire)\n \n \nTheNewswire - May 25, 2020 - Southern Empire Resources Corp. (\"Southern Empire\") (TSXV:SMP) (Frankfurt: 5RE) is pleased to announce a non-brokered private placement financing of up to 8,000,000 common shares of Southern Empire (each a \"Share\") at a price of $0.50 per Share for gross proceeds of up to $4,000,000 (the \"Offering\").\n\n\n \nThe net proceeds from the Offering will be used to continue exploration programs on the Oro Cruz and Eastgate gold projects, potential acquisition of new exploration and development projects and to provide working capital for general corporate purposes. Southern Empire may pay qualified finders a fee in cash or shares pursuant to the Offering, which is subject to the approval of the TSX Venture Exchange.\n\n\n \nThe securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.\n\n\n \nAbout Southern Empire Resources Corp.\n\n\n \nSouthern Empire is focused on the acquisition, exploration and development of gold deposits in the American southwest. Southern Empire holds an option to acquire a 75% interest in the Oro Cruz Property in the Cargo Muchacho Mountains of Imperial County, southeast California, approximately 22.5 km (14 miles) southeast of the Mesquite gold mine of Equinox Gold Corp. The Oro Cruz Gold Project currently comprises a total of 271 unpatented lode mining claims (~2,160 hectares; 5,338 acres), 13 unpatented placer mining claims (~105 hectares; 260 acres) and two State of California mineral prospecting permits (~518 hectares; 1,280 acres). Extensive historical drilling of the Oro Cruz Property has outlined exploration targets over an existing high-grade gold zone as well as nearby satellite deposits. Based on historical mining, Oro Cruz oxide gold mineralization is amenable to conventional heap leach extractive methods.\n\n\n \nSouthern Empire also owns an 85% interest in the Eastgate Gold Project, which comprises 101 unpatented cla...