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Essex Minerals plans C$2.75M private placement to fund mineral projects, additional exploration

The company plans to offer as many as 5 million common shares at a price of C$0.55 per share

Essex Minerals Inc's Cumberland project
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

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.

READ: Essex Minerals hits high-grade gold and silver with first drill hole at Queensland project

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.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

Quick facts: Essex Minerals Inc.

Price: 0.235 CAD

TSX-V:ESX
Market: TSX-V
Market Cap: $6.8 m
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Essex Minerals first drill hole at Cumberland Gold project returns...

Essex Minerals (CVE: ESX) CEO Paul Loudon joined Steve Darling from Proactive Vancouver to bring news the company has released the result of their first drill holes from the Cumberland gold and silver project in Queensland, Australia. Loudon discusses the strong results they have seen so far,...

on 2/9/20

2 min read