GoldON Resources Ltd. (GLD:TSX.V) closed its nonbrokered private placement financing with Eric Sprott that yielded about $1 million in gross proceeds, it announced in a news release.
British Columbia-based GoldON stated that it intends to apply the funds toward general working capital and the costs of the phase 2 drill program currently underway at its West Madsen gold project in Ontario's Red Lake District. The plan calls for 7,000 meters of diamond drilling.
The campaign's objectives, according to the company, are to test along strike for extension of the known gold mineralization to the east and to follow up on the gold mineralization identified during phase 1.
The now closed financing entailed the private placement with Sprott of 1,111,111 common share units at a price of CA$0.90. Each unit consisted of one common share and one nontransferable share purchase warrant. The warrant entitles the holder to buy one additional GoldON common share at CA$1.35 apiece until Dec. 8, 2022.
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