Pasofino oversubscribed for $6M for Chibougamu exploration
Pasofino Gold Limited has announced that the C$6 million non-brokered private placement previously announced on April 30, 2020 is oversubscribed and will be closing this week in two tranches to accommodate settlement challenges due to Covid-19.
In addition, the Company is pleased to announce that it will undertake a non-brokered private placement of up to C$300,000 of common shares (the "Follow-On Offering") in order to allow subscribers who were not fully able to participate in the Offering due to oversubscriptions. The Common Shares under the Follow-On Offering will be offered at a price of $0.11 per share and will be subject to TSX review and acceptance. The closing price of the Common Shares on the TSX Venture Exchange on May 15 was C$0.145.
The Company intends to use the proceeds of the Offering and Follow-On Offering to earn its interest in, and advance, the Roger Gold Project, located in the world-class Abitibi Greenstone Belt. In addition, the Company intends to use the proceeds to undertake opportunistic investments in one or more advanced stage precious metals projects. The Company is evaluating several advanced stage projects. Each project has significant capital invested, each has defined resources and all are at the PEA stage or higher.
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