Neptune funding for Colomac bet

Neptune Resources reports it has an agency agreement with Wood Gundy for the private placement of 500,000 common shares from treasury at a per-share price of $5.625, for an aggregate price of $2,812,500 before expenses. President Margaret Witte says proceeds from the offering will be used for further development at the company’s Colomac gold project in the Northwest Territories, as well as for repayment of certain outstanding debt, and for working capital purposes.

The transaction is expected to close Aug 18, subject to all necessary regulatory approvals.

So far at the Colomac project, drill-indicated reserves have been outlined of more than 13 million tons, at a grade of 0.085 oz gold per ton.