Plato Gold announces private placement financing of up to $175,000

Canadian junior explorer Plato Gold (CVE:PGC) announced Wednesday a proposed a non-brokered private placement financing to fund exploration work at its Val d’Or property in Quebec.
Plato Gold said it plans to sell up to 3.5 million flow-through shares for a cost of 5 cents per flow-through unit, for gross proceeds of up to $175,000.
Each flow-through unit consists of one common share, which qualifies as a flow-through share, and one half common share purchase warrant.
Each full common share purchase warrant is exercisable to acquire one common share for a period of 18 months at a price of 10 cents per share.
Funds generated from the sale will be used to finance exploration work on its properties in the Val d’Or region in Quebec. The offering, subject to regulatory approval, is expected to close around September 23.
In a statement, Plato Gold’s Chief Executive, Anthony Cohen, said: “"This will enable the company to continue the next stage of exploration work in Val d'Or, Quebec.”
"The company remains focused on our goal to increase the size of our NI 43-101 compliant resource in Val d'Or, as well as our ongoing projects in Timmins, Ontario and in Santa Cruz, Argentina."
Plato holds a total of seven exploration properties in northern Quebec and four in northern Ontario. It also owns the Lolita property in Santa Cruz, Argentina, which is comprised of three concessions, with drill targets expected on this site by year-end.
The Toronto-based company’s stock climbed 5 cents, or 12.50%, to trade at $0.045 Wednesday afternoon on the TSX Venture Exchange.