First phase exploration on the Kingsway project in Newfoundland. Credit: Labrador Gold.
Labrador Gold Corp. (TSXV: LAB) has closed a non-brokered private placement, raising C$15 million from the sale of 16.7 million working capital units at a price of C$0.90 each. A single unit consists of one common share and one-half share purchase warrant. Each full warrant is exercisable to acquire a common share at C$1.05 until May 18, 2023.
The units were taken up one-third by New Found Gold (TSXV: NFG; OTC: NFGFF) and two-thirds by Eric Sprott.