TSX-V-listed exploration company Japan Gold has closed an upsized C$17-million nonbrokered private placement, the proceeds of which it will use to initiate new drill programmes on two wholly owned projects in Japan.
Chairperson and CEO John Proust says Japan Gold has received “overwhelming” support for the private placement, which was “significantly” oversubscribed.
“The high demand for this private placement is a testament to the quality of the assets and partnerships we have assembled, and the concurrent advancement of the country-wide evaluation of 29 projects under the Barrick Alliance,” he comments.
The net proceeds of the placement will be used for drill programmes, drill targeting and advanced exploration at the Ikutahara and Ohra-Takamine projects.
Japan Gold placed 48 571 429 shares at C$0.35 a share. The company closed at C$0.35 a share on Friday.