(RTTNews) - GoldMining Inc. (GLDG) has closed a non-brokered private placement of 373,135 flow-through common shares at $1.34 per share, raising gross proceeds of $500,000.
The funds will support exploration efforts at its wholly owned Yellowknife Gold Project in Canada's Northwest Territories, marking the first such activity since 2012.
CEO Alastair Still expressed enthusiasm about restarting modern exploration on the historically prolific Yellowknife greenstone belt, emphasizing the project's high-grade, open-pit mineral resources exceeding 2.0 g/t gold. He drew comparisons to Canada's renowned gold districts like Red Lake and Kirkland Lake, citing their origins in similar high-grade underground mines.
The proceeds will be directed toward qualifying Canadian exploration expenses on the Yellowknife Gold Project by December 2026, with tax benefits passed to investors by the end of 2025.
The Yellowknife Gold Project spans approximately 100 km across five properties and includes the former Discovery Mine, which produced over one million ounces of gold at exceptionally high grades. While the mine's past production isn't indicative of future results, it supports the project's geological potential.
The property holds an estimated 1.06 million ounces of gold in measured and indicated resources and another 739,000 ounces inferred. These resources are primarily open-pit constrained and based on a gold price assumption of $1,500/oz and 90% recovery rate.
The offering is pending final acceptance by the Toronto Stock Exchange, and all issued securities are subject to a four-month hold period.
The technical data in the release was verified and approved by Paulo Pereira, P. Geo., President of GoldMining, as per NI 43-101 standards.
Monday, GLDG closed at $0.7765, up 0.84%, and rose further after hours to $0.78, gaining an additional 0.45% on the NYSE American.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
