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Majestic Gold upsizes private placement to C$10M

Majestic Gold Corp. on Dec. 16 said it now plans to raise up to C$10 million from a previously announced, nonbrokered private placement due to an increase in demand from investors.

The company will now issue 74,074,074 units at about 14 cents each. They consist of 1 common share and 1 common share purchase warrant, with each warrant entitling the holder to buy an additional share for about 16 cents for a two-year period from closing.

The proceeds are earmarked for partially funding construction of housing for inhabitants of two villages that are being relocated due to close proximity to the Songjiagou open-pit operation and for general working capital purposes.