Guerrero Exploration amends terms of prior $1.5 mln private placement financing

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 closing.
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 deposits.
Guerrero Exploration 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.