Blackrock Gold Corporation (CVE:BRC) (OTCMKTS:BKRRF) announced Tuesday it is aiming to raise up to C$1 million to bolster drilling and exploration at its Silver Cloud project in Nevada.
The junior exploration company said it is offering up to 6.25 million units at a price of C$0.16, for gross proceeds of C$1 million.
Each unit will entitle the holder to acquire one additional share at a price of C$0.25 per share for a three-year period from the date of issuance.
Funds raised will go towards Blackrock's 2019 drilling program and exploration work at Silver Cloud, and general working capital.
Blackrock’s flagship Silver Cloud project is a 4,500-hectare property on the convergence of the Carlin Trend and Northern Nevada Rift, one of the richest gold mining areas in North America.
The firm noted the offering is subject to regulatory approval and shares issued will have a hold period of four months and one day from the closing.
Shares of Blackrock were at C$0.17 on Tuesday.
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