Nevada Sunrise Gold Corporation recently announced the closing of its final tranche of private placement offering, to the tune of $636,200 or 8,848,000 units. Each unit consists of one common share and one warrant that entitles the holder to purchase one additional common share for the next two years at a price of $0.15.
The private placement was fully subscribed and Nevada Sunrise currently holds $1,496,888 in cash. The funds will be used to advance the company’s flagship Coppercorp project and other explorations.
The Coppercorp project is situated in Nevada’s premier gold region and is also located close to several large gold producers such as Newmont Mining Corporation and Barrick Gold. The project is an advanced exploration and features exceptional drill results from the past program. Nevada Sunrise has identified a few mineralized zones and is largely focused on exploring the East side of the project, which is mainly underexplored.
Additionally, the company intends to use a portion of the proceeds to fund its exploration activities in the Longview area. Results from previous exploration activities in the area showed some encouraging drill results that could prove to be very value accretive to the company in the long run.
This news from Nevada Sunrise marks the end of a successful private placement round which allows the company to strengthen its balance sheet and further invest in its promising projects. Investors and analysts should keep a close eye on the company moving forward as it pursues its various exploration programs and potentially capitalizes on promising drill results.