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Goldsource upsizes private placement to C$6.5M


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Essential Metals & Mining Insights - January 2021

Industry Top Trends 2021: Metals and Mining

Goldsource upsizes private placement to C$6.5M

Goldsource Mines Inc. signed an amended agreement with PI Financial Corp., which is acting as lead agent on behalf of a syndicate, to upsize the planned private placement to about C$6.5 million from C$5 million.

The company said March 12 that it will issue 54,200,000 units at 12 cents apiece. Each unit will comprise 1 share and 0.5 of a share purchase warrant, exercisable to acquire an additional share for 20 cents over a 24-month period.

Goldsource will also grant a 15% overallotment option exercisable up to two days prior to closing. If the option is exercised in full, the proceeds from the offering will total C$7.5 million.

The company plans to use the proceeds to advance its recent Salbora discovery at the Eagle Mountain gold project in Guyana, and for general corporate purposes. Planned work includes additional drilling to expand Salbora mineralization, as well as an updated resource estimate and ongoing pre-feasibility work to include the Salbora zone.

The offering is expected to close by April 10.