Falco Resources (FPC.V) has closed its earlier announced private placement. The company issued 5.55M new common shares at C$0.45 as well as 14.4 million flow through units at C$0.52 per unit. This means that you’re now able to buy shares on the market cheaper than the people and institutions which bought into the placement.
The majority of the funds will obviously be used to aggressively advance the company’s projects in Québec where Falco’s flagship asset is located. The old Horne mine complex produced in excess of 10 million ounces of gold and 2.5 billion pounds of copper and Falco Pacific released a maiden resource estimate containing 2.8 million gold-equivalent ounces (of which 2.2 million ounces were pure gold). Since closing the placement, Falco has identified some more historical intercepts with 3 meters of 1.3 ounces of gold per tonne of rock and in excess of 6 meters of almost 10g/t. As you know, Falco Pacific has access to a database containing 460,000 meters of drilling and re-interpreting these results is an extremely cheap and efficient way to compile information about the geological system relatively fast.
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Disclosure: The author holds a long position in Falco Resources. Please see our disclaimer for current positions.
