After lying inactive, Vangold Resources (VSE) is back in business with the completion of a private placement of 300,000 flow-through shares at a price of 50 cents per share. Non-transferable share purchase warrants were also included giving the buyer the right to purchase an additional 300,000 shares at a price of 65 cents per share for a period of one year.
The proceeds will be used to fund an exploration program on the company’s North Belt property in the Trail Creek mining division of British Columbia.
The program will include a 5,000-ft. drilling program to test a number of high-grade gold showings that lie on strike and adjacent to the old Le Roi mine.
Le Roi was reported to have produced more than three million ounces gold over life from the turn of the century at an average grade of about 0.5 oz. gold per ton.
Be the first to comment on "Vangold reactivated"