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Gold Standard secures C$38.2M for Railroad-Pinion project, working capital

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Gold Standard secures C$38.2M for Railroad-Pinion project, working capital

Gold Standard Ventures Corp. said Feb. 22 that it raised gross proceeds of C$38.2 million for the exploration and development of its Railroad-Pinion gold project in Nevada and for general working capital.

The company raised C$28.2 million from an upsized bought-deal financing, issuing 13,750,440 common shares at C$2.05 apiece, including 1,554,440 shares issued on the partial exercise of the underwriters' overallotment option.

Gold Standard also completed a concurrent C$10 million private placement to Goldcorp Inc. and OceanaGold Corp., with Goldcorp purchasing 2,195,100 common shares at the same price for gross proceeds of C$4.5 million to increase its stake in the company to 9.92%.

OceanaGold purchased 2,680,900 shares for gross proceeds of C$5.5 million to increase its shareholding to 39,483,552 common shares, representing a 15.6% stake.

Gold Standard said in September 2017 that it is focused on expanding shallow oxide mineralization at Railroad-Pinion, as it is faster and less costly to develop.