Algold ResourcesLtd. said April 4 that it has closed a nonbrokered private placementto raise C$3.5 million by issuing 35,202,700 units for 10 cents each.

Each unit comprises 1 common share and 1 common share placementwarrant; each warrant enables the holder to acquire an additional share for 15 centswithin a two-year window.

Proceeds will be put toward exploration work on Algold's permittedproperties, including the Tijiritgold-copper project, the Kneivissatgold project and the Legouessigold project, all located in Mauritania.