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Troilus to raise up to C$6M for exploration at namesake gold-copper project

Troilus Gold Corp. entered into subscription agreements for a nonbrokered private placement financing of up to 6,813,900 flow-through shares to raise about C$6 million in two tranches.

The company will use the proceeds to fund exploration at its namesake gold-copper project in Quebec before Dec. 31, 2020.

The first tranche will consist of 5,813,900 flow-through shares at 86 Canadian cents each for total proceeds of about C$5 million, the company said Sept. 26. The second tranche will consist of up to 1 million flow-through shares at C$1.00 each for total proceeds of up to C$1 million.

The offering is expected to close around Oct. 7.

In March, the company reported initial results from its 2019 exploration program at Troilus, outlining the discovery of a new gold zone in the southeastern portion of the project's J zone.