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Wednesday, 10 October 2012
Sunridge Gold increases private placement size to $10.83 mln
Sunridge Gold Corp. (CVE:SGC) enlarged the size of its previously announced non-brokered private financing to $10.83 million, the company said Tuesday.
The company now plans to sell 49.2 million units priced at 22 cents each. Initially, Sunridge planned to raise $10 million through the sale of 45.4 million units.
A unit is made up of one share and one half purchase warrant. Full warrants give holders the right to buy another company share priced at 35 cents for a period of five years from close. The company may pay finders' fees in connection to the private financing.
Proceeds will go toward funding work programs at the Asmara project in Eritrea as well as for general corporate purposes.
The Asmara project hosts four deposits: the Emba Derho, Debarwa, Adi Nefas and the Gupo gold deposit.
Since 2003, the company has drilled over 200,000 metres and has defined four separate zinc, copper gold and silver deposits which have a combined proven and probable reserve of 57.3 million tonnes.
Sunridge Gold's Emba Derho, Debarwa and Adi Nefas contain copper, zinc and silver and are volcanogenic massive sulphide ore deposits.
Over a 15.25 year mine life, the project is expected to produce 804 million pounds of copper, 1.79 million pounds of zinc, 415,000 gold ounces and 11 million ounces of silver.
The mineral exploration and development company also has exploration properties in Madagascar.