Gold79 Mines (AUU.V) has now completed its three cornered amalgamation with Bullet Exploration and a numbered BC company as the Bullet Exploration meeting approved the merger while Gold79 Mines completed the required financing of ‘at least C$4M’.
And Gold79 went above and beyond. Rather than just raising the bare minimum of C$4M, it issued 24.44 million units at a price of C$0.25 per unit for total proceeds of just over C$6.1M. Each unit consisted of one common share as well as half a warrant with each full warrant allowing the warrant holder to acquire an additional share at C$0.40 for a period of 24 months. The acceleration clause allows Gold79 to accelerate the expiry of these warrants if the share price trades at in excess of C$0.60 for a period of at least ten consecutive days.
Gold79 Mines will hit the ground running and has recently already completed its first drill program on its flagship project in Arizona. We hope to see the assay results of this drill program in January.
Disclosure: The author has a long position in Gold79 Mines. Gold79 Mines will become a sponsor of the webstie. Please read the disclaimer.
