Essex Minerals Inc (CVE:ESX) is arranging a non-brokered private placement worth as much as C$2.75 million to fund its mineral projects and exploration expenses, the company announced Friday.
The company plans to offer as many as 5 million common shares at a price of C$0.55 per share.
Essex may pay a finders fee as part of the placement, the company said, which may be paid in shares in lieu of cash. Securities issued as part of the offering will be subject to a hold of four months and one day.
Essex operates a gold and silver project at its Cumberland property in North Queensland, Australia, where it kicked off a diamond drilling program in July.
The Cumberland property has four granted exploration permits covering 25,024 hectares, 70 kilometres northwest of the former 3.5-million-ounce Kidston gold mine.
Essex Minerals, based in Vancouver, is focused on mineral exploration and development opportunities where it can adopt an option earn-in and joint venture model.
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