Deal sells 5,369,110 flow-through shares at C$0.20 to fund exploration
By Devika Patel
Knoxville, Tenn., Nov. 30 – Marathon Gold Corp. said it settled a C$1.07 million non-brokered private placement of stock on Nov. 27.
The company sold 5,369,110 flow-through common shares at C$0.20 apiece. The price per share is a 42.86% premium to the Nov. 26 closing share price of C$0.14.
Proceeds will be used for exploration.
“We are pleased to have completed this financing, which will be used to fund our continuing exploration work along strike from the Marathon Deposit,” president and chief executive officer Phillip Walford said in a press release. “A portion of the proceeds will be used in 2015 in a 1,000 meter drilling program to the northeast of the Marathon Deposit. This program will test gold soil anomalies that coincide with magnetic lows identified over a 1.1 kilometer strike length. This relationship between gold soil anomalies and magnetic lows was instrumental in discovering the current mineral resource at the Marathon Deposit. The results of this drilling program will aid in prioritizing our future exploration programs.”
The gold resource development company is based in Toronto.
| Issuer: | Marathon Gold Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$1,073,822
|
| Shares: | 5,369,110
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 27
|
| Stock symbol: | Toronto: MOZ
|
| Stock price: | C$0.14 at close Nov. 26
|
| Market capitalization: | C$13.19 million
|
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