Guerrero Exploration (CVE:GEX) said Tuesday it has amended the terms of its previously announced $1.5 million brokered private placement financing.
The placement, brokered by Euro Pacific Canada, now consists of up to
12.0 million units at $0.125 each. Each unit will consist of one common
share and one-half of a common share purchase warrant.
In addition, the company will grant Euro Pacific an option to sell up
to 15 percent additional units under the same terms to raise further
gross proceeds of $225,000.
Each whole warrant will entitle the holder to purchase one additional
common share of the company for 25 cents for a period of 12 months from
The gold miner's prior private placement plans, announced earlier
this month, were for the sale of 10 million units at 15 cents each.
The company said it plans to use the new funds to advance its properties in Mexico, and for general corporate purposes.
The company, which recently attended the Guerrero Gold Belt conference in Toronto, said the offering will have two closings.
Earlier this month, the company said it applied for the 86,205-hectare Olinala property.
The property, which is located in Guerrero state, Mexico, lies to the south of Cerro Dolores, a poly-metallic project owned by Goldcorp (TSE:G).
Toronto-based Guerrero said the Olinala property overlaps two
volcanic belts with the potential for volcanogenic massive sulphide
is a Canadian mineral exploration company with a focus on Mexican gold,
copper and silver mining areas known as the Guerrero Gold Belt,
Southern Mexican Gold Belt and the Sierra Madre Occidental Belt.
The Guerrero gold belt (GGB) is located in the state of Guerrero,
Mexico and has produced over 15 million ounces of gold to date. It
extends for at least 55 kilometres from the southeast to the northwest
and remains open to exploration in all directions.
Guerrero's Cerro Azul copper gold project, along with the Cotapec
gold and silver project cover 81,370 hectares of the Guerrero belt.
The Cerro Azul copper gold project covers 26,000 hectares near the
GGB with a third property, the Chapalota project, which is located
outside of the GGB in the Sierra Madre Occidental Region of Mexico.
Guerrero's Coatapec project is located directly north of Newstrike's
(CVE:NR) Ana Paula project, showing similar geological trends to Ana
Paula and lying within approximately 10 kilometres of Goldcorp’s Los Filos gold mine.