IN BRIEF: Pure Gold Mining falls with non-brokered private placement

Writer,

Pure Gold Mining Inc - gold mining company focused on Canada - To raise C$30 million, or £18.9 million, through a non-brokered private placement of 200.0 million units at a price of C$0.15 per unit. Holds option to enlarge target to C$40 million. Plans to use the proceeds to ramp up the PureGold Mine to 800 tonnes per day by the third quarter of 2022.

Further, it plans to use the funds to reduce operating and sustaining capital costs in the second quarter of this year by at least 30%, year-on-year and achieve sustainable positive site-level cash flow by the third quarter. Expects offering to close on or about May 13.

Current stock price: 9.78 pence, down 15% on Monday

12-month change: down 88%

Copyright 2022 Alliance News Limited. All Rights Reserved.