Augusta Gold Corp. (OTCQB: AUGG) (CSE: G) (FSE: 11B) has closed on its nonbrokered private placement, a move that resulted in gross proceeds of approximately C$17 million for the company. Announced earlier, the placement included 7.56 million units, which were sold at C$2.25 per unit. Each unit in the private placement was made up of one common share of the company and one-half of one common share purchase warrant, with each full warrant enabling the holder to acquire an additional common share over the next three years, at an exercise price of C$2.80. The company noted that it intends to use the net proceeds from the private placement to advance exploration efforts at its wholly owned Bullfrog Gold project located in Nevada as well as for general and working capital purposes. The announcement reported that the placement was subscribed by insiders including Richard Warke and other strategic investors. “We are very grateful for the solid support from Mr. Warke and the additional strategic investors that participated as we pursue our vision to unlock value from the Bullfrog Gold project through a systematic approach to our exploration and development program,” said August Gold president and CEO Maryse Belanger in the press release. “This financing provides the funds to fully execute on our 2021 programs including undertaking a drill program in excess of 85,000 metres and de-risking the project through environmental, permitting and engineering work.”
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About Augusta Gold Corp
Augusta Gold is a rapidly growing exploration and development company focused on building a long-term business that delivers stakeholder value through developing the Bullfrog Gold Project and pursing accretive M&A opportunities. The Bullfrog Gold Project is located in the prolific Bullfrog district approximately 120 miles northwest of Las Vegas, Nevada, and four miles west of Beatty, Nevada. The company controls approximately 7,800 acres of mineral rights including the Bullfrog and Montgomery-Shoshone deposits and has further identified significant additional mineralization around the existing pits and defined several exploration targets that could further enhance the project. The company is led by a management team and board of directors with a proven track record of success in financing and developing mining assets and delivering shareholder value. For more information about this company, visit www.AugustaGold.com.
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