Ireland Inc. said March 29 that it raised approximately US$5.3 million from equity financing to fund gold and palladium recovery programs at its Columbus project in Nevada, and substantially settle all outstanding debt.
According to the statement, accredited investors exercised 38.6 million warrants at 8 cents apiece for about US$3.1 million in proceeds, and purchased common stock at the same price for an additional US$2.2 million in proceeds.
The company noted that current work is focused on optimizing the process for gold-palladium extraction on both the head ore and the pilot plant concentrates. It also expects to engage lawyers, accountants and auditors to bring SEC quarterly and annual filings up to date.
In the second half of the year, Ireland seeks to continue to operate the pilot plant and laboratory smelting circuit to process 500 pounds per test, and start a phase-four drill program to define potential resources in the area south of the previously drilled zones.
The company announced a budget of US$5.1 million for 2017, with a large portion earmarked for its operations and CapEx.