C$5,5 million in fresh capital
The deal is in the bag. Gold explorer Sitka Gold (WKN A2JG70 / TSXV SIG) has announced that it has now completed a financing round that will add CAD 5.5 million to the company’s coffers!
To this end, CEO Corwin Coe’s company issued 27,500,000 units at CAD 0.20 per unit. One unit consists of one share and half a warrant. Each whole warrant can be exercised for 36 months at 0.38 CAD.
Sitka’s strategic investor Crescat Capital and its management have underwritten almost half of this placement. Crescat is a renowned global macro asset management company headquartered in Denver, Colorado, which has identified the precious metals exploration industry as one of the key macro themes and has accordingly invested in promising companies in the industry.
Crescat’s Geological and Technical Director, Dr. Quinton T. Hennigh, believes that Sitka’s RC Gold Project is beginning to prove to be one of the highest quality gold discoveries of the reduced intrusion type in the Yukon. “Long intervals of continuous high-grade gold discovered in recent drilling on the southern margin of the Blackjack target indicate a very robust, potentially fully preserved gold system at depth,” he continued. “As the Company has advanced into this area with its drill program, the results continue to validate our reasons for investing. We are proud to identify and support discovery projects such as this one. Given the opportunities currently available to mining companies in the distressed capital markets, we feel compelled to support Sitka in the drilling of this discovery.”
Sitka will use the fresh capital primarily to develop the RC Gold project in view of the latest successes. We are excited to see how things will continue now with freshly filled coffers – and especially to see the next drill results!
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