Proactive Investors - Gold Terra Resource Corp (TSX-V:YGT, OTCQX:YGTFF) announced it is raising up to $2.5 million in a non-brokered private placement being led by renowned mining investor Eric Sprott.
The private placement consists of 50 million shares at $0.05 each. There are no warrants.
Gold Terra will pay a 6% finder’s fee to eligible parties. The offering is expected to close on or around April 19, 2024.
The company said the proceeds of the offering will be used for general working capital purposes and its ongoing drill program at the Campbell Shear target at the Con Mine property.
The company is exploring the Con Mine property under an option from a subsidiary of Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM).
Drilling aims to increase the current indicated and inferred resource near surface and south of the Con Mine, targeting the Campbell Shear structure which has previously produced 14 million ounces of gold at an average grade of 16 to 22 grams per ton of gold.
The drill program is targeting below the existing underground workings where Gold Terra believes there is the potential to add significant free milling high-grade ore.