Monday, 3 June 2013

Meadow Bay completes C$500,000 cash raise

Meadow Bay Gold (TSE:MAY) has completed a non-brokered private placement to raise C$528,000 gross.
The gold explorer sold around 2.64mln units comprising one share and a warrant.
The net proceeds will be used for exploration at the company's Atlanta Gold mine in Nevada, US as well as working capital.
The money raised in this tranche is the third in a series of private placements that along with fundings in April and May has raised C$1.04mln in total for the gold group.
Each warrant in the latest issue is exercisable for a period of four years from closing at a price of $0.30 per share in the first and second years, $0.35 in the third year and $0.40 in the fourth year. 
An NI 43-101 resource estimate for the Atlanta Gold project this year and based on 2011 and 2012 drilling, doubled gold ounces to 572,100 indicated and 544,300 ounces inferred.
The project lies in Lincoln County, Nevada, in the Atlanta mining district.

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