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Galleon Gold ( (TSE:GGO) ) just unveiled an announcement.
Galleon Gold Corp. has successfully closed the first tranche of a $7.5 million oversubscribed private placement of convertible debentures, raising $6.5 million. The funds will be used for the exploration and advancement of the West Cache Gold Project in Timmins, Ontario, and general working capital. The participation of insiders, including Eric Sprott, indicates strong internal confidence in the project. This financial move is expected to bolster Galleon Gold’s operations and enhance its market position, as the company gears up for significant developments in its gold mining activities.
More about Galleon Gold
Galleon Gold is an advanced exploration and development company focused on the West Cache Gold Project in Timmins, Ontario. The company is preparing for its first test mining at West Cache, aiming to produce 22,600 ounces of gold from an 86,500-tonne underground bulk sample. Galleon Gold’s strategy involves systematically derisking the project while expanding the asset through grassroots exploration.
Average Trading Volume: 89,150
Technical Sentiment Signal: Buy
Current Market Cap: C$25.34M
See more data about GGO stock on TipRanks’ Stock Analysis page.