Foran Mining taps investors for McIlvenna Bay initial phase funding
McIlvenna Bay is currently host to the largest undeveloped VMS deposit in the Flin Flon region in Saskatchewan.
Vancouver – Klondike Silver Corp. announced on Tuesday it has arranged for a private placement of up to 4,000,000 units for total proceeds of up to $1,000,000.
The financing will consist of Units priced at $0.25 per Unit. Each of the units consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share for four years at a price of $0.30 per share. In accordance with Exchange policies, finders’ fees may be paid on a portion the funds raised. The private placement is subject to regulatory approval.
Proceeds from the private placement will be used for exploration expenditures on the ompany’s Yukon, British Columbia and Ontario mineral properties as well as for general working capital. The company holds more than 10,000 hectares of claims and crown grants in the “Silvery Slocan” district of BC. Klondike Silver also is reviving the historic Gowganda and Elk Lake silver camps in Ontario, and is exploring silver-rich polymetallic targets in the world-famous Klondike district of Yukon Territory.
Klondike Silver is a member of the Hughes Exploration Group of Companies.
For the complete press release supplied by Business Wire click here.
Image of the “Silvery Slocan” in British Columbia courtesy of Klondike Silver Corp, which includes numerous past-producing mines and a fully permitted and operating mill near the historic mining town of Sandon, B.C.
