Canadian Mining Journal


GOLD: Troilus upsizes private placement to $12.8M

Troilus project Credit: Troilus Gold

Troilus project Credit: Troilus Gold

TORONTO – Troilus Gold has announced an upsized non-brokered private placement with gross proceeds expected at up to $12.8 million, up from $10 million previously.

The placement features a common share offering component of up to 11.3 million common shares, at $0.65 each, for gross proceeds of up to $7.3 million. The flow-through portion includes the issue of up to 6.45 million flow-through shares, in three tiers, for gross proceeds of up to $5.5 million.

Closing is expected around Feb. 28.

“We are extremely gratified by the response to the private placement which includes participation from existing investors who have been supporters since we first launched in 2017 and new investors who have recently become acquainted with the Troilus story,” Justin Reid, the company’s CEO said in a release. “This year we will be engaged in ongoing exploration of the property which we believe has the potential to add to the current estimated mineral resources and a shift to engineering activity, based on which we expect to deliver a pre-feasibility study later this year.”

Current indicated resources at the Troilus gold project stand at 159.1 million tonnes grading 0.92 g/t gold-equivalent for a total of 4.71 million gold-equivalent oz. with additional inferred resources of 52.7 million tonnes at 1.04 g/t gold-equivalent for a total of 1.76 million oz.

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