Rocky Shore Gold Closes Oversubscribed Placement to Fund Expanded Newfoundland Exploration

An update from Hemlo Explorers ( (TSE:RSG) ) is now available.

Rocky Shore Gold Ltd. has closed the second and final tranche of its oversubscribed non-brokered private placement, raising approximately C$1.28 million through the issuance of more than 7.3 million units priced at C$0.175 each. This brings total proceeds from the full offering to about C$6.08 million and reflects strong investor demand that prompted the company to further increase the size of the already upsized financing.

The fresh capital will fund an expanded exploration campaign at the company’s Gold Anchor Project in central Newfoundland, including an inaugural winter drill program at the undrilled Lane Pond target and a summer drill program at the open Mosquito Hill and Reid deposits. Additional regional work will include airborne geophysical surveys and ongoing prospecting to advance one of Canada’s most promising underexplored gold belts, while finder’s fees and warrants were issued and all new securities remain subject to a statutory hold period.

More about Hemlo Explorers

Rocky Shore Gold Ltd. is a Canadian junior exploration company focused on expanding its Mosquito Hill and Reid gold deposits and discovering high-grade structurally controlled gold zones at its 100%-owned Gold Anchor Project in central Newfoundland. The district-scale property exceeds 1,200 square kilometres, is the second-largest in an emerging gold district, and lies on trend with major recent gold discoveries associated with the Appleton and JBP Faults.

Average Trading Volume: 218,254

Technical Sentiment Signal: Buy

Current Market Cap: C$37.37M

See more data about RSG stock on TipRanks’ Stock Analysis page.