CaliforniaGold Mining Inc. said July 25 that it will raise C$2.1 million byissuing 3,230,769 units at 65 cents each in a nonbrokered private placement.

Each unit consists of 1 common share and 0.5 of a share purchasewarrant, exercisable to 1 common share at C$1 each for 36 months following theissuance of shares.

Gross proceeds will be used to fund the company's 2016exploration program at the Fremont gold project, and for other general corporatepurposes.

Company insiders may subscribe for over 25% of the offering,which will close on or before July 29.