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Providence Gold Mines Inc ( (TSE:PHD) ) has issued an update.
Providence Gold Mines Inc. has closed a fully subscribed private placement of $180,000, issuing 3.6 million units at $0.05 per share with attached warrants and paying finder’s fees partly in cash and warrants. The company also issued 2 million common shares to Mohave Gold Mining and Exploration Incorporated as the first-year option payment for the La Dama de Oro gold and silver property, consolidating its interest in the asset.
The financing proceeds will fund administration and continued underground and surface sampling to evaluate mineralization ahead of a planned 1,000-ton bulk sample at La Dama de Oro. The property, a historic high-grade producer with extensive but underexplored epithermal gold-silver veins and existing permits for a bulk sample, positions Providence to advance exploration without yet having NI 43-101 compliant resources, potentially enhancing its project pipeline if results are positive.
More about Providence Gold Mines Inc
Providence Gold Mines Inc. is a Canadian mineral exploration company focused on gold and silver projects. The company’s primary asset is the La Dama de Oro gold and silver property in California’s Silver Mountain Mining District, a historic high-grade producer hosted in a structurally controlled, low-sulfidation epithermal vein system with potential for additional undiscovered veins.
Average Trading Volume: 67,420
Technical Sentiment Signal: Buy
Current Market Cap: C$3.91M
See more data about PHD stock on TipRanks’ Stock Analysis page.