El Salvador lawmakers overturn mining ban in win for president
The legislation will grant the Salvadoran government sole authority over mining activities within the country's land and maritime territory.
Rise Gold (CSE: RISE) announced Monday it has completed a non-brokered private placement of approximately 6 million units priced at $0.40 each to raise gross proceeds of $2.4 million. Each unit comprises one common share of Rise Gold and one share purchase warrant that is exercisable at $0.60 for two years.
Proceeds from the private placement will be used by Rise Gold for the advancement of its Idaho-Maryland mine project in California.
Located in Nevada county, within the Grass Valley mining district, Idaho-Maryland was the site of one of the most productive gold mines in US history.
Earlier this year, Rise Gold received a Draft Environmental Impact Report (DEIR) for the project, which was a significant step for the company’s permitting process to reopen the historic mine.
Participating in the private placement was a corporate entity owned by Michael Gentile, which subscribed for 1.68 million units.
Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant top 5 stakes in over 15 small-cap mining companies.
He is currently a strategic advisor to Arizona Metals (TSXV: AMC), and a director of Northern Superior Resources (TSXV: SUP), Roscan Gold (TSXV: ROS), Radisson Mining Resources (TSXV: RDS) and Solstice Gold (TSXV: SGC).
Following the latest financing transaction, Gentile beneficially owns roughly 5.1% of Rise Gold’s issued and outstanding shares and on a partially diluted basis.
“I’ve paid close attention to Rise Gold’s exploration and permitting efforts towards the re-opening of the Idaho-Maryland mine,” Gentile said in a press release. “The historical high-grade gold production from the mine and recent exploration results are outstanding. The Idaho-Maryland mine has significant untapped exploration upside with potential for high-grade discoveries.”
Shares of Rise Gold surged 18.0% by 12:15 p.m. in Toronto. The gold mining junior has a market capitalization of C$12.9 million ($10.1m).
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trenholme lodge
I believe that the transaction is in US dollars so it is at .40 US per unit that was paid and not .40 canadian..