- Total raised in private placement: $1,005,000 through two tranches.
- Final tranche secured: $430,000 with the issuance of 8.6 million units at $0.05 each.
- Proceeds allocated for exploration, working capital, and corporate purposes.
Mines D'Or Orbec (TSXV: BLUE) has successfully completed the second and final tranche of its non-brokered private placement, gathering an additional $430,000. This achievement brings the total capital raised to $1,005,000, with the issuance of 19.5 million units and 714,284 flow-through shares.
In the final tranche, 8.6 million units were sold at $0.05 each. Each unit comprises one common share and half a warrant, where a full warrant is exercisable to purchase an additional share at $0.075 within 18 months.
Significantly, company insiders have shown strong support, with Chairman Chad Williams and CEO John Tait each investing $35,000. Their investment qualified as a related party transaction but was exempt from formal valuation requirements under MI 61-101.
Proceeds from this funding will aid in the exploration of the company's properties, enhance working capital, and support general corporate activities. A statutory hold of four months and one day applies to all shares and warrants issued, pending final approval from the TSX Venture Exchange.
Lastly, eligible finders were compensated with a 6% cash fee and finder warrants, exercisable for 18 months at $0.05 per share, aligning with the company's objective to maximize funding for exploration efforts in their promising projects.
