UPDATE: Marathon Gold Secures Financing for 2012 Newfoundland, Idaho Exploration Programs; Shares Further Drop to Day Low
Marathon Gold Corporation (MOZ.TO) continued to drop and is now down by 6% at day low $1.25 after earlier announcing the closing of C$10 million equity financing.
The company said it intends to use the net proceeds from the offering for planned 2012 exploration programs on its Newfoundland and Idaho gold projects, including a 40,000 m drill program at the Valentine Lake joint venture with Mountain Lake Resources Inc. and a 25,000 m drill program at the Golden Chest joint venture with New Jersey Mining Company, and for general corporate and working capital purposes.
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