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Highlights
Xtra-Gold Resources plans to raise $1.5 million through a non-brokered private placement.
The financing involves up to 625,000 units priced at $2.40 each, including warrants exercisable at $2.80.
Proceeds will be allocated for general working capital purposes, subject to TSX and regulatory approval.
Xtra-Gold Resources Corp. (TSX:XTG) (OTCQB:XTGRF) announced that it intends to undertake a non-brokered private placement to raise gross proceeds of $1.5 million. The financing will be achieved through the sale of up to 625,000 units at a price of $2.40 per unit.
Each unit will consist of one common share of the Company and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $2.80 per share, exercisable for a period of two years from the date of issuance.
Finder’s Fee and Warrants
In line with Toronto Stock Exchange (TSX) policies, Xtra-Gold may pay finders' fees in connection with the offering. These may be comprised of a combination of cash and non-transferable warrants.
Each finder’s warrant will entitle the holder to purchase one additional common share at a price of $2.50 per share for two years from issuance. The Company noted that such fees will only apply to the portion of the financing attributable to the efforts of qualified, arm’s-length finders.
Use of Proceeds
The gross proceeds of the private placement are expected to be used for general working capital purposes. Xtra-Gold emphasized that this financing will support ongoing corporate and exploration activities.
Regulatory Approvals
The closing of the private placement is subject to acceptance by the Toronto Stock Exchange and receipt of all required regulatory approvals. All securities issued pursuant to the financing will be subject to a regulatory hold period of four months and one day from the date of issuance, in accordance with Canadian securities law.
Company Background
Xtra-Gold Resources is a gold exploration company with a substantial land position in the Kibi Gold Belt in Ghana, West Africa. The Company continues to advance its exploration activities in this gold-rich region, aiming to expand resource potential across its holdings.
