-- Dryden Gold (DRY.V) on Tuesday said it will seek to raise $7.5 million from non-brokered private placement.
The company said it will place up to a maximum of 17.95-million shares comprised of both flow-through shares (FT shares) and charity flow-through shares (CFT shares). The FT shares will be offered at $0.41 per share and the CFT shares will be offered at $0.4521 per CFT shares.
Proceeds will be used to expand its drill program at its Hyndman project following permitting and summer fieldwork results. Dryden will also significantly expand its drill program at Gold Rock testing at depth and along strike.
The company said the "district scale opportunity" will be further tested with an expanded summer field campaign to support targeted drill testing of priority anomalies. Additional field work will include detailed geological mapping, prospecting, tighter-spaced till substrate sampling and a gold-in-till program on newly acquired property at Hyndman.
The financing may close in one or more tranches. An amount equal to the gross proceeds from the issuance of the FT shares and the CFT shares will be used to incur eligible resource exploration expenses which will qualify as "Canadian exploration expenses" and as "flow-through mining expenditures".
Shares of the company were last seen up $0.005 to $0.35 on the TSX Venture Exchange.
Price: $0.35, Change: $+0.01, Percent Change: +1.45%