Golden Cariboo arranges $2.5-million private placement
2024-05-23 09:37 ET – News Release
Mr. J. Frank Callaghan reports
GOLDEN CARIBOO ANNOUNCES $2,500,000 PRIVATE PLACEMENT
Golden Cariboo Resources Ltd. has arranged a non-brokered private placement of up to 10 million units, at a price of 25 cents per unit, for gross proceeds of $2.5-million. Each unit will consist of one common share and one share purchase warrant; each warrant is exercisable for a period of three years from the closing at exercise prices as follows: 28 cents in year 1, 30 cents in year 2 and 32 cents in year 3.
The private placement is subject to Canadian Securities Exchange approval and all securities are subject to a four-month hold period. Finders’ fees may be payable in connection with the private placement, all in accordance with the policies of the CSE. The proceeds from this private placement will be used for property exploration and for general working capital.
The units will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable policies of the CSE.
About Golden Cariboo Resources Ltd.
Golden Cariboo Resources is rediscovering the Cariboo gold rush by proceeding with high-grade targeted drilling and trenching programs on its Quesnelle gold quartz mine project, which is almost fully encircled on three of four sides by Osisko Development. Historically, over 101 placer gold creeks on the 90-kilometre trend from the Cariboo Hudson mine north to the Quesnelle gold quartz mine have recorded production in excess of 2.6 million ounces of gold up to 1933 (Hall, 1986) and successful placer mining continues to this day.
Golden Cariboo’s Quesnelle gold quartz mine property is four kilometres northeast of and road accessible from Hixon in central British Columbia. The property includes the Quesnelle quartz gold-silver deposit, which was discovered in 1865 in conjunction with placer mining activities and produced 2,048 tonnes grading 3.14 grams per tonne gold and 4.18 grams per tonne silver in 1932 and 1939, with an additional 217 tonnes of unknown grade reported in 1878 (British Columbia Minfile, 2021). Hixon Creek, which dissects the Quesnelle gold quartz mine property, is a placer creek which has seen limited, small-scale placer production since the mid-1860s. From Ministry of Mines reports prior to 1945, estimates of up to $2-million worth of placer gold was mined from Hixon Creek.
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