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Gold Standard raises C$10.7M for Railroad-Pinion development

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Gold Standard raises C$10.7M for Railroad-Pinion development

Gold Standard Ventures Corp. said Sept. 5 that it raised C$10.7 million from a previously announced financing.

The company was targeting raising up to C$10.5 million from the placement. As a result of higher demand, the company offered an additional 108,951 shares, for a total of 5,230,901 shares, at C$2.05 apiece.

Goldcorp Inc. acquired 2,926,829 shares for a total of around C$6 million. It now owns around a 13.60% stake in the company.

Meanwhile, OceanaGold Corp. purchased 975,609 shares for around C$2 million and now holds about a 15.57% interest in Gold Standard.

Gold Standard plans to use the net proceeds for continued exploration and early stage development at its Railroad-Pinion gold project in Nevada, as well as for working capital.