Dryden Gold (DRY.V) has no issues raising money these days as the company recently announced it upsized its private placement to 23 million shares for total proceeds of C$9.7M. The company plans to issue up to 16.2M flow-through shares at C$0.41 while an additional 6.8 million charity flow-through shares will be sold at C$0.452.
Both Centerra Gold and Alamos Gold will invest on a pro rata basis to maintain their respective positions of 9.9% and 10.46% in Dryden Gold, and that of course is a nice vote of confidence as well. Both companies will participate in the charity flow-through segment of the financing.
The proceeds of the financing will be used to fund additional drilling and exploration on its flagship asset in Ontario.
Disclosure: The author holds a long position in all stocks mentioned in this article. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
