Gatling Exploration secures private placement worth up to C$3M for Canadian exploration

Gatling Exploration Inc (CVE:GTR) (OTCQB:GATGF) (FRA:G28A) announced that it has arranged a private placement to raise gross proceeds of up to C$3 million to fund exploration in Canada. 

The offering will consist of a combination of more than 4.4 million common shares issued on a flow-through (FT) basis at a price of C$0.45 per FT share, as well as 2.5 million units of the company at a price of C$0.40 per unit. 

Each unit will contain one common share and half a transferable share purchase warrant, and whole units will be exercisable for two years at a price of C$0.60 per share. 

READ: Gatling Exploration poised for drilling at Kir Vit prospect in third quarter after receiving permit

Gatling plans to use the proceeds from the offering for Canadian exploration expenses, which will qualify as “flow-through mining expenditures,” the company noted. 

All securities in the offering will be subject to a four-month hold period from the date of issue in accordance with applicable securities laws, the company said, and the offering is subject to acceptance of the TSX Venture Exchange.

Gatling Exploration is a gold exploration company focused on advancing the Larder Gold Project, located in the prolific Abitibi greenstone belt in Northern Ontario. The Larder property hosts three high-grade gold deposits along the Cadillac-Larder Lake Break, 35 kilometers (km) east of Kirkland Lake. The 3,370-hectare project area is positioned 7km west of the Kerr Addison Mine, which produced 11 million ounces of gold. 

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors