Chesapeake Gold Raises $4.4 Million with Eric Sprott Investment

Chesapeake Gold Corp. completed a $4.4 million private placement with Eric Sprott, closing 3,700,000 units at $1.20 per unit. The net proceeds will be used to advance the company's proprietary oxidative leach technology, ongoing exploration, and general working capital. Sprott now owns or controls 12,883,499 common shares and 1,850,000 warrants, representing approximately 17.9% of the outstanding common shares on a non-diluted basis.

Chesapeake Gold Corp. (CHPGF) has successfully completed a $4.4 million non-brokered private placement, closing 3.7 million units at $1.20 per unit. The private placement was led by Eric Sprott's corporation, 2176423 Ontario Ltd. [1][2].

The proceeds from the placement will be allocated to advancing the company's proprietary oxidative leach technology, ongoing exploration including the Lucy project, and general working capital needs. The private placement is subject to a four-month hold period and requires TSX Venture Exchange approval [2].

Following the placement, Sprott's ownership increased from 13.4% to 17.9% of outstanding shares (19.9% on a partially diluted basis). Each unit included one common share and one-half share purchase warrant, exercisable at $1.65 per share for three years [1][2].

This funding round is part of Chesapeake Gold's strategic initiatives to enhance its technological advancements and exploration activities. The company continues to focus on leveraging its innovative oxidative leach technology to improve gold recovery and reduce environmental impacts [1][2].

References:

[1] https://www.stocktitan.net/news/CHPGF/chesapeake-gold-closes-4-4-million-private-placement-with-eric-jzkbj7sxn9ss.html

[2] https://www.stocktitan.net/news/CHPGF/chesapeake-gold-announces-4-4-million-non-brokered-private-placement-2vm552ke1guq.html