A private placement of 4 million special warrants at $1 each will provide Bolivar Goldfields (TSE) with funding for deep drilling and feasibility work on the Tomi gold project in Venezuela.
The special warrants will convert, at no additional cost, into one share and half a warrant exercisable at $1.40 for one year.
Tomi contains a geological resource of 6-8 million tonnes grading 3 grams gold per tonne, and Bolivar has commissioned a feasibility study for an open-pit mine and mill.
The deep drilling will test the deposit at depth.
Vengold (TSE) can back in for a 50% interest at Tomi, following completion of a feasibility study.
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