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Highway 50 Gold ( (TSE:HWY) ) just unveiled an update.
Highway 50 Gold Corp. has upsized its previously announced non-brokered private placement, now seeking to raise up to $2.1 million through the sale of 5.25 million units at $0.40 per unit, each comprising one common share and a one-year warrant exercisable at $0.50. The financing, which remains subject to TSX Venture Exchange acceptance and includes a four-month hold on issued securities, will fund a drilling program at the company’s Gold Knob project and provide general working capital, underlining its commitment to advancing exploration in Nevada while offering potential upside to investors through attached warrants and possible finder participation.
The securities will be subject to standard resale restrictions and may carry finder’s fees of up to 6% in cash and/or warrants to arm’s length intermediaries. By strengthening its balance sheet and targeting a key project in its Nevada portfolio, Highway 50 Gold is positioning itself to accelerate exploration activities, though completion of the financing and subsequent work programs remain contingent on regulatory approval and market conditions.
More about Highway 50 Gold
Highway 50 Gold Corp. is a mineral exploration-stage company focused on projects in Nevada, led by a team of experienced explorers and mine finders. The company’s exploration strategy is based on what management views as breakthroughs in understanding the crustal architecture of north-central Nevada, guiding its search for new gold deposits in the region.
Average Trading Volume: 34,827
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$15.37M
See more insights into HWY stock on TipRanks’ Stock Analysis page.