TriStar Gold Inc. said May 25 that it plans to undertake a nonbrokered private placement to raise up to C$6.0 million to advance the Castelo de Sonhos gold project in Brazil.
The company will offer up to 30 million units at 20 cents apiece. Each unit will consist of one share and half of a share purchase warrant, while each whole warrant is exercisable to acquire an additional share at 35 cents for a 30-month period following closing.
Tri-Star Gold also plans to use the proceeds for working capital and general corporate purposes.
The financing is expected to close in the week of June 11.
