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Blackrock Gold closes over C$1 million financing to support drill program at Silver Cloud project

The company raised C$1.02 million to fund an upcoming 2,000 metre drill program at the Nevada gold project

gold bars and Canadian dollars
The Vancouver-based explorer raised total proceeds of C$1,020,820

Blackrock Gold Corporation (CVE:BRC) closed a major funding package to support a new drilling program at the Silver Cloud property in Nevada.

The Vancouver-based company told shareholders that it had completed a C$1.02 million financing last week, an over-subscribed private placement announced on August 13.

The explorer increased the size of the non-brokered private placement, issuing nearly 6.4 million units of the company at a price of C$0.16 for total proceeds of C$1,020,820.

READ: Blackrock Gold getting pieces in place for upcoming Silver Cloud drill program

Each unit consists of one share and one-half of one warrant exercisable at C$0.25 for a three-year period ending September 6, 2022.

The company said it expects to pay a finder’s fee of C$6,355 in cash. Shares and warrants issued are subject to a holding period ending January 7, 2020.

Silver Cloud 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.

Blackrock is preparing for an upcoming 2,000-metre drill program at the project, the first at Silver Cloud in nearly 15 years.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Blackrock Gold Corp

Price: 0.89 CAD

Market: TSX-V
Market Cap: $91.92 m

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