Palisades Goldcorp Sees 6% Gain Following C$8.3 Million Non-Brokered Private Placement with Strategic Investor.

Palisades Goldcorp has increased 6% after closing a C$8.3 million secured convertible notes non-brokered private placement with a strategic investor. The funding will help support the company's investment portfolio in the resource sector.

Palisades Goldcorp Ltd. (TSXV: PALI) has announced the successful closing of a non-brokered private placement of secured convertible notes (the "Notes") for aggregate gross proceeds of C$8,323,200. The company will issue two Notes, each with a principal amount of C$4,161,600, accruing interest at 10% per annum. The Notes are convertible at C$1.50 per Common Share and are secured by 6,650,000 New Found Gold Corp. (TSXV: NFG) shares. The funding will be used for working capital purposes, supporting the company's investment portfolio in the resource sector.

The Notes have a hold period of four months and one day from the date of issuance. The transaction has been unanimously approved by the company's board of directors and is expected to close within 21 days of the announcement. Palisades expects to complete the Offering in an expeditious manner without filing a material change report at least 21 days before closing.

Following the announcement, Palisades' shares increased by 6% in after-hours trading. The company is focused on junior companies in the resource and mining sector, seeking to acquire equity participation in pre-initial public offering and early-stage public resource companies with undeveloped or undervalued high-quality projects.

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[1] https://finance.yahoo.com/news/palisades-announces-closing-8-323-113000232.html