A private placement of 1 million units at $1 each will provide Pacific Sentinel Gold (VSE) with sufficient funds to continue exploring its Casino copper-gold project in the Yukon.
The units include one share and one warrant, giving the holder the right to buy an additional share at $1 for six months.
On a fully diluted basis, the company has 24 million shares outstanding and $2.6 million in working capital, assuming the exercise of the warrants.
Funds from the placement will be used for metallurgical testing, permitting and a prefeasibility study on the Casino project.
Recent work has focused on deposit metallurgy, and the company hopes to identify a single recovery method suitable for the Casino resource, which comprises at least four different zones of mineralization, including leached, supergene, hypogene and mixed supergene-hypogene.
The resource was last estimated at 615 million tons containing 3.1 billion lb. copper, 309 million lb. molybdenum and 5.4 million oz. gold.
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