Plato Gold raises total of C$400,000 on final closing of private placing

Plato Gold Corp (TSX-V: PGC) confirmed it has raised a total of C$400,000 in, and announced the final closing of, its non-brokered private placing, previously announced on February 2 2010. The proceeds will be used for exploration work on the company’s properties in the Val d’Or region of Quebec, and general capital purposes.

On closing, Plato issued 3.4 million flow-through units and 200,000 non-flow-through units, at a price of C$0.05 for both security types, for gross proceeds of C$180,000. Previously at the first closing on March 22, Plato issued 6.8 million flow-through and 1.2 million non-flow-through units.

Plato has seven properties near Val-d’Or, northern Quebec, the Nordeau-Bateman project being the most advanced among them. The other properties consist of the Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, Hop O’My Thumb and Once Upon a Time projects.

At the Nordeau West project, Plato has already defined a NI 43-101 compliant indicated resource of 225,342 tonnes at an average grade of 4.17 grams per tonne (g/t) gold and an inferred resource of 1.112 million tonnes at an average grade of 4.09 g/t gold containing a combined inferred and indicated 176,527 ounces of gold.

Each of the units in the placing consists of one common share and one common share purchase warrant, and each warrant is exercisable to acquire one common share for a period of two years from issuance at an exercise price of C$0.10 per share.

http://www.proactiveinvestors.com.au/companies/news/6301/plato-gold-raises-total-of-c400000-on-final-closing-of-private-placing-6301.html