Lode Gold Bolsters Finances with $350,000 Non-Brokered Financing
Monday, Dec 23, 2024 11:46 pm ET
3min read Lode Gold Resources Inc. (TSXV: LOD) has announced a significant boost to its financial position with a $350,000 non-brokered financing. This latest round of funding, combined with the previous $506,490 closing in May 2024, totals $856,490, providing the company with much-needed capital to advance its projects and strengthen its overall financial health.
The financing, announced on December 23, 2024, involves the issuance of 1,944,444 units at $0.18 per unit, each consisting of one common share and one warrant exercisable at $0.35 per share for three years. This influx of capital will be used for corporate purposes and general working capital, as well as for the Fremont property, Lode Gold's flagship operation.
The Fremont Gold Project, located in the historic Mother Lode Gold Belt of California, is an advanced-stage open pit NI 43-101 compliant resource. With an after-tax NPV (5%) of USD $370M at $2,000/oz gold, the project holds significant potential. The latest financing will accelerate the development timeline, bringing the project closer to production.
Lode Gold's strategic objectives align with this financing round, as the company aims to expand the resources at Fremont by multiples of the current resource. The additional capital will enable Lode Gold to fund exploration and development activities, potentially enhancing the company's future earnings potential.
In conclusion, Lode Gold's $350,000 non-brokered financing is a strategic move that strengthens the company's financial position and supports its growth prospects. The funds will be used to advance the Fremont Gold Project, positioning Lode Gold well for future development and success in the gold mining sector.
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