Mr. Cooper Quinn reports
OSPREY CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT FOR PROCEEDS OF $1,344,187
Osprey Gold Development Ltd. has closed its previously announced oversubscribed non-brokered private placement of 17,922,499 units of Osprey at a price of 7.5 cents per unit, for aggregate proceeds of $1,344,187. Each unit consists of one common share and one share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of 12 cents per share for a period of 24 months from the date of issuance.
The net proceeds of the private placement will be used for exploration and advancement of the company's properties in Nova Scotia, evaluation and possible acquisition of other target properties, and general working capital. All securities issued under the private placement are subject to a hold period expiring four months and one day after the date of issuance.
The company paid aggregate cash finders' fees of $69,887 and issued 931,822 finders' warrants in connection with the private placement. Each finder's warrant entitles the holder to acquire one common share of the company at 12 cents per share for 24 months from the date of closing.
About Goldenville and Osprey Gold Development Ltd.
Osprey is focused on exploring five historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100 per cent (subject to certain royalties) in all five properties, including the Goldenville gold project, Nova Scotia's largest historical gold producer. All five properties in Osprey's current portfolio have a history of high-grade gold production. A copy of the company's technical report titled "Technical report on the Goldenville property, Guysborough county, Nova Scotia, Canada," prepared by by David G. Thomas, MSc, PGeo, and Neil Pettigrew, MSc, PGeo, is available under the company's profile at SEDAR.
The technical information in this release has been reviewed and approved by the company's vice-president of exploration, Perry MacKinnon, PGeo, a qualified person under National Instrument 43-101.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.