Golden Dawn Minerals Inc. said June 1 that it plans to raise up to C$5.4 million via a nonbrokered private placement to fund the development of its Greenwood gold project in British Columbia.
The offering will comprise up to 20 million non-flow through units at 27 cents apiece. Each unit consists of 1 share and 1 transferable share purchase warrant exercisable at 35 cents for a three-year period from closing, subject to an acceleration clause.
Golden Dawn closed the first tranche of the placement, raising C$734,700.
According to the statement, the proceeds from the offering will be used for exploration on Greenwood, the start of trial mining and for general working capital.
The company secured operating permits for the Lexington-Grenoble mine and the Greenwood process plant within the property in June 2017.
