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An announcement from Providence Gold Mines Inc ( (TSE:PHD) ) is now available.
Providence Gold Mines Inc. has closed a non-brokered private placement, issuing 1,604,800 units at $0.05 per unit for gross proceeds of $80,240, with each unit comprising one common share and a two-year warrant exercisable at the same price. The company plans to use the funds for administrative expenses and underground sampling to assess the mineralization potential at the La Dama de Oro gold and silver property, where recent remedial work has improved the main access road, potentially positioning the project for more systematic evaluation of its structurally controlled epithermal gold-silver vein system and future exploration efforts.
More about Providence Gold Mines Inc
Providence Gold Mines Inc. is a mineral exploration company focused on advancing the La Dama de Oro gold and silver property in the Silver Mountain Mining District of California. The historical high-grade gold asset, located within the Eastern California Shear Zone near the San Andreas Fault, has existing permits for water, road access, environmental approvals, a plan of operations, and a mill site, and is cleared for bulk sampling, though it lacks modern drilling and NI 43-101 compliant resources.
Average Trading Volume: 67,007
Technical Sentiment Signal: Buy
Current Market Cap: C$3.91M
See more insights into PHD stock on TipRanks’ Stock Analysis page.