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Goldsource raising C$5M to advance recent Salbora discovery at Eagle Mountain

Goldsource Mines Inc. secured an agreement with PI Financial Corp. for a private placement to raise about C$5 million.

Closing is anticipated around April 10.

The offering will comprise 41,666,700 units at 12 Canadian cents apiece, with PI Financial heading up a syndicate of agents. Each unit will comprise one share and half of a warrant, exercisable at 20 cents per share for 24 months.

Goldsource said March 12 that the deal includes a 15% overallotment option exercisable up to two days prior to closing. In addition, Eric Sprott proposed to subscribe for 25 million units representing C$3 million.

The company will use the proceeds to advance the recent Salbora discovery at its Eagle Mountain gold project in Guyana and for general corporate purposes.

Planned work at Eagle Mountain includes additional drilling to expand Salbora mineralization as well as an updated resource estimate and ongoing pre-feasibility work to include the Salbora zone.