Big Ridge Gold Corp Closes $1.5 Million Private Placement, Announces Michael Gentile Increases Holdings to 9.9%
Big Ridge Gold Corp (TSXV: BRAU) (OTCQB: ALVLF) has closed a non-brokered private placement of 30,000,000 common shares at $0.05 per share, raising $1,500,000 in gross proceeds. The funds will be used for exploration and development of the Hope Brook Gold Project and general working capital. Notably, Michael Gentile has increased his holdings to 9.9% of the company, acquiring 12.6 million shares over the last six months. The company's market capitalization is currently $11 million. Big Ridge aims to capitalize on the strong gold price environment with the Hope Brook project, which offers regional infrastructure synergies and significant exploration potential. The company also announced the resignation of James Maxwell as a director.
Big Ridge Gold Corp (TSXV: BRAU) (OTCQB: ALVLF) ha chiuso un collocamento privato non intermediazione di 30.000.000 azioni ordinarie a 0,05 $ per azione, raccogliendo 1.500.000 $ in proventi lordi. I fondi saranno utilizzati per l'esplorazione e lo sviluppo del Progetto Aurifero Hope Brook e per il capitale circolante generale. In particolare, Michael Gentile ha aumentato le sue partecipazioni al 9,9% della società, acquisendo 12,6 milioni di azioni negli ultimi sei mesi. La capitalizzazione di mercato della società è attualmente di 11 milioni di dollari. Big Ridge mira a approfittare dell'attuale ambiente di prezzo dell'oro favorevole con il progetto Hope Brook, che offre sinergie infrastrutturali regionali e un significativo potenziale di esplorazione. La società ha anche annunciato le dimissioni di James Maxwell come direttore.
Big Ridge Gold Corp (TSXV: BRAU) (OTCQB: ALVLF) ha cerrado una colocación privada sin intermediarios de 30,000,000 acciones comunes a $0.05 por acción, recaudando $1,500,000 en ingresos brutos. Los fondos se usarán para la exploración y desarrollo del Proyecto de Oro Hope Brook y capital de trabajo general. Cabe destacar que Michael Gentile ha aumentado su participación al 9.9% de la compañía, adquiriendo 12.6 millones de acciones en los últimos seis meses. La capitalización de mercado de la empresa es actualmente de 11 millones de dólares. Big Ridge busca capitalizar el fuerte entorno de precios del oro con el proyecto Hope Brook, que ofrece sinergias de infraestructura regional y un significativo potencial de exploración. La compañía también anunció la renuncia de James Maxwell como director.
빅 리지 골드 주식회사 (TSXV: BRAU) (OTCQB: ALVLF)는 중개인 없는 사모 배정으로 30,000,000주를 주당 0.05달러에 발행하여 1,500,000달러의 총 수익을 올렸습니다. 이 자금은 호프 브룩 골드 프로젝트의 탐사 및 개발을 위해 사용될 것이며, 일반 운영 자본에도 사용됩니다. 특히, 마이클 겐틸은 회사의 보유 지분을 9.9%로 증가시켰으며, 지난 6개월 동안 1,260만 주를 매입했습니다. 회사의 현재 시가총액은 1,100만 달러입니다. 빅 리지는 호프 브룩 프로젝트로 황금 가격 환경의 강점을 활용하려고 하며, 이 프로젝트는 지역 인프라 시너지와 상당한 탐사 가능성을 제공합니다. 회사는 또한 제임스 맥스웰의 이사직 사임을 발표했습니다.
Big Ridge Gold Corp (TSXV: BRAU) (OTCQB: ALVLF) a clôturé un placement privé sans courtage de 30 000 000 d'actions ordinaires à 0,05 $ par action, levant 1 500 000 $ de produits bruts. Les fonds seront utilisés pour l'exploration et le développement du projet aurifère Hope Brook ainsi que pour le fonds de roulement général. Notamment, Michael Gentile a augmenté sa participation à 9,9% de la société, ayant acquis 12,6 millions d'actions au cours des six derniers mois. La capitalisation boursière de l'entreprise est actuellement de 11 millions de dollars. Big Ridge vise à tirer parti de l'environnement de prix de l'or favorable avec le projet Hope Brook, qui offre des synergies d'infrastructure régionales et un potentiel d'exploration significatif. La société a également annoncé la démission de James Maxwell en tant que directeur.
Big Ridge Gold Corp (TSXV: BRAU) (OTCQB: ALVLF) hat ein nicht vermittelte Privatplatzierung über 30.000.000 Stammaktien zu einem Preis von 0,05 $ pro Aktie abgeschlossen und dabei 1.500.000 $ an Bruttoerträgen erzielt. Die Mittel werden für die Erschließung und Entwicklung des Hope Brook Goldprojekts sowie für das allgemeine Betriebskapital verwendet. Besonders bemerkenswert ist, dass Michael Gentile seinen Anteil auf 9,9% des Unternehmens erhöht hat, indem er in den letzten sechs Monaten 12,6 Millionen Aktien erworben hat. Die Marktkapitalisierung des Unternehmens beträgt derzeit 11 Millionen Dollar. Big Ridge beabsichtigt, von der starken Goldpreissituation mit dem Projekt Hope Brook zu profitieren, das regionale Infrastrukturynergien und erhebliches Erkundungspotenzial bietet. Das Unternehmen gab außerdem die Rücktrittsankündigung von James Maxwell als Direktor bekannt.
- Successful closing of $1.5 million private placement
- Increased investment from Michael Gentile, raising his stake to 9.9%
- Strong support from existing shareholders, including PowerOne Capital Group
- Hope Brook Gold Project has potential for quick advancement due to existing infrastructure and completed environmental work
- Possibility of generating a Preliminary Economic Assessment in the near future
- Low share price of $0.05 in the private placement
- Small market capitalization of only $11 million, indicating potential undervaluation or market challenges
- Difficult market conditions for junior mining companies
- Resignation of board member James Maxwell
Toronto, Ontario--(Newsfile Corp. - September 18, 2024) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) ("Big Ridge" or the "Company") is pleased to announce that it has closed a non-brokered private placement of 30,000,000 common shares of the Company at
The Company intends to use the net proceeds of the Offering to fund continued exploration and development of Big Ridge's Hope Brook Gold Project and for general working capital purposes. No brokers or finders fees were paid in connection with the Offering.
Michael Bandrowski, President & CEO of the Company, commented: "Big Ridge is pleased to receive continued support from existing shareholders, including strong participation from Mr. Michael Gentile, PowerOne Capital Group, and other supportive shareholders. We look forward to upcoming results from our 2024 summer field program, environmental baseline work and ongoing ore sorting studies at the Hope Brook Gold Project."
Michael Gentile commented: "Over the last six months I have acquired 12.6 million shares of Big Ridge Gold Corp., increasing my holdings to 9.9 percent of the company. With a market capitalization of only
The securities issued pursuant to the Offering are subject to a four month hold period expiring January 19, 2025.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.
The Company also announced the resignation of James Maxwell as a director of the Company. Mr. Maxwell was the nominee of First Mining Gold Corp. on the Big Ridge board, which nomination right ended upon the sale by First Mining of its entire equity position in the Company, as previously announced on March 28, 2024. We thank James for his contributions to the Big Ridge board over the last several years.
About Hope Brook
The Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces of gold from 1987 - 1997. Initial production consisted of an open pit before moving to underground mining. Hope Brook operated using both heap leach (1987 -1990) and conventional cyanidation milling methods (1989-1997) with a later inclusion of flotation concentration to recover copper (1991). Government records indicate that gold recoveries from milling ranged between a low of
Hope Brook hosts an Indicated gold resource totalling 16,190,000 tonnes grading 2.32 grams per tonne gold for 1.2 million ounces and Inferred resources totalling 2,215,000 tonnes grading 3.25 grams per tonne gold for 231,000 ounces based on a 0.4 and 2.0 gram per tonne cut-off grades for open pit and underground resources respectively using a long-term gold price of US
The Hope Brook gold deposit is a high-sulfidation epithermal gold deposit hosted in the Proterozoic aged Whittle Hill Sandstone and is intruded by a Late Proterozoic quartz-feldspar porphyry sill-dike complex of the Roti Intrusive Suite. The deposit is located adjacent to and within an extensive advanced argillic alteration envelope which includes pyrophyllite, kaolinite, andalusite, and alunite. The principal gold mineralization occurs in a buff-colored massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite accessory minerals. Gold mineralization is also found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The altered and mineralized zone is cut by mafic dykes whose contacts are often mineralized. All the altered and mineralized sequences and the intruded dykes have been folded.
Hope Brook is located 85 kilometers east of Port aux Basques, Newfoundland. The project has well maintained infrastructure on site, including an operational 28-person camp, an 1,100-meter airstrip, ice-free docking facility and importantly, connection to the provincial electrical power grid via an on-site substation.
About Big Ridge Gold Corp.
Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns an
Acknowledgement
Big Ridge acknowledges and appreciates the Newfoundland and Labrador Ministry of Natural Resources' financial support of the Company's 2023 exploration programs through the Junior Exploration Assistance (JEA) Program.
For more details regarding the Company's projects, please visit our website at www.bigridgegold.com
ON BEHALF OF THE BOARD,
Mike Bandrowski,
President & CEO
Mike Bandrowski,
President & CEO
BIG RIDGE GOLD CORP.
18 King St. East, Suite 1400
Toronto, ON, M5C 1C4
Tel: 416-540-5480
Email: Mike@bigridgegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions.
Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations, or beliefs regarding future events, and include, without limitation, statements with respect to Big Ridge's intentions with respect to Caprock's shares. All forward-looking statements are based on Big Ridge's and its employees' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. When relying on our forward-looking statements to make decisions with respect to Big Ridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Big Ridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223694
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