Provenance Gold Closes First Tranche of Private Placement

Rhea-AI Summary

Provenance Gold Corp. (CSE: PAU, OTCQB: PVGDF) has closed the first tranche of its non-brokered private placement, raising $1,033,100. The company issued 12,913,750 units priced at $0.08 per unit, each comprising one common share and one warrant. The warrants allow the purchase of an additional share at $0.12 until June 28, 2027. Additionally, $28,861 and 360,763 warrants were paid to brokerage firms for assistance. CEO Rauno Perttu announced the start of a core drilling program at the Eldorado property in July, predicting that the new data could uncover deeper and higher-grade gold zones. The company plans to provide further updates on its exploration activities soon.

Positive

• Closed first tranche of private placement, raising $1,033,100.
• Issued 12,913,750 units at $0.08 per unit.
• Each unit includes one common share and one warrant exercisable at $0.12 until 2027.
• Core drilling program at Eldorado property to commence in July.
• Expected identification of deeper and higher-grade gold zones.

Negative

• Brokerage fees amounted to $28,861 and issuance of 360,763 warrants.

Vancouver, British Columbia--(Newsfile Corp. - June 28, 2024) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce that it has closed the first tranche (the "First Tranche") of its non-brokered private placement (the "Offering") for gross proceeds of $1,033,100.

Upon closing of the First Tranche, the Company issued 12,913,750 units (each, a "Unit") at a price of $0.08 per Unit. Each Unit consists of one common share of the Company and one share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one additional share at a price of $0.12 until June 28, 2027.

In connection with closing of the First Tranche, the Company paid $28,861 and issued 360,763 Warrants to certain arms-length brokerage firms that assisted in introducing subscribers to the Offering. All securities issued in connection with the First Tranche are subject to restrictions on resale until October 29, 2024 in accordance with applicable securities laws.

Rauno Perttu, Provenance's CEO, stated, "We have been impressed with the attention our Company has started to receive in the last few months and are excited to commence our core drilling program in July at our Eldorado property. Because of the very recent strong interest in and support for our program, we anticipate closing a second tranche very shortly. This upcoming core program will be a significant stepping stone for our Company. The core program will be coupled with a geophysical IP study of the area, plus additional detailed geological mapping and sampling. I'm confident that this new information will confirm the gold system extends much deeper than previously recognized, and into a newly recognized higher-grade zone. With the landscape for exploration and mining greatly improved in eastern Oregon and with strong local support, I'm extremely pleased that Provenance is becoming a leader for new mineral exploration in the region."

The Company will be issuing updates on its exploration plans and activities in the coming weeks.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo., M.Sc., a Qualified Person as defined under National Instrument 43-101.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in Nevada, and eastern Oregon, USA.

For further information please visit the Company's website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.

On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Safe Harbor Statement: Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214938

FAQ

What did Provenance Gold Corp. raise in their recent private placement?

Provenance Gold Corp. raised $1,033,100 in their recent private placement.

How many units did Provenance Gold issue in their first tranche?

Provenance Gold issued 12,913,750 units in their first tranche.

What are the details of the warrants issued by Provenance Gold?

Each warrant entitles the holder to purchase one additional share at $0.12 until June 28, 2027.

When is Provenance Gold starting their core drilling program?

Provenance Gold is commencing their core drilling program in July.

What is the ticker symbol for Provenance Gold in the OTCQB market?

The ticker symbol for Provenance Gold in the OTCQB market is PVGDF.