Black Gregor raises $1 million for exploration work

The proceeds will be used for exploration programs and general working capital purposes, the company said. The first private placement is a flow-through share offering of 2 million units priced at 20 cents per unit, and the second is a 3-million unit offering at 20 cents per unit. Each unit consists of one common share and one share purchase warrant exercisable at 20 cents per share for a 3-year period.

Results of an 8,000-ft drilling program on the company’s property in the Swayze gold belt near Timmins, Ont., have also been released recently. The property is owned 50% by Black Gregor and 50% by partner Carlson Mines (VSE).

Highlights of the recent drilling include 9 ft grading 0.20 oz gold per ton, and 3 ft grading 0.17 oz gold in hole 4. Another hole cut 3.3 ft grading 0.18 oz gold, with the remainder of the holes cutting values around 0.11 oz gold over intervals of 3 ft.

A review of all geological data pertinent to the 179-claim property will be made before finalizing plans for a follow-up exploration program.

Shareholders of Black Gregor have also approved the issuance of 1.5 million shares at 20 cents per share to settle certain debts to insiders, directors and officers of the company.

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