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Sandspring ups placement to fund Toroparu study, Chicharron drilling to C$7.5M

Sandspring Resources Ltd. said Aug. 15 that due to strong investor interest, it is increasing its private placement to 37.5 million units for proceeds of C$7.5 million, from the previously announced 25 million units for proceeds of C$5.0 million.

The new issuance will still be priced at 20 Canadian cents per unit, which will consist of 1 common share and a share purchase warrant entitling the holder to purchase 1 additional share at 35 Canadian cents for 60 months.

The company intends to use the proceeds for a feasibility study for its Toroparu gold project in Western Guyana, for additional step-out and exploration drilling at its Chicharron silver-gold project in the Segovia mining district of Colombia, and for general working capital purposes.