- Thunder Mountain Gold, Inc. (OTCQB: THMG) successfully raises US$1.2 million through a non-brokered private placement.
- The funds will be used for exploration at the company's South Mountain Project in Idaho and Trout Creek Project in Nevada.
- The offering included 10 million units, each comprising one common share and a half-warrant exercisable at US$0.18 for two years.
Thunder Mountain Gold, Inc. (OTCQB: THMG) has announced the successful completion of a non-brokered private placement, securing US$1.2 million (CAD$1.676 million). The company sold 10 million units at a price of US$0.12 each, with each unit consisting of one common share and a half-warrant, allowing purchase at US$0.18 for the next two years.
The proceeds from this private placement will be used to fund exploration activities at the South Mountain Project in Idaho and the Trout Creek Project in Nevada, as well as for general working capital. The South Mountain Mine, a flagship asset of Thunder Mountain, is known for its high-grade zinc, silver, gold, and copper resources. Historically, from the 1940s to the 1960s, the mine produced about 53,642 tons of mineralized material with significant metal grades.
The securities offered in this private placement are subject to a six-month hold period under the U.S. Securities Act and four months under Canadian securities laws, restricting their sale during this period. Thunder Mountain Gold has invested approximately US$25 million in the South Mountain Project to date, illustrating its commitment to advancing the project.
President and CEO Eric T. Jones expressed appreciation for investor confidence, highlighting the funding's role in propelling critical development initiatives for the company. The South Mountain Project is located on private land, simplifying the permitting process, and has been under development since 2007 with ongoing improvements.
