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Cerrado Gold Raises C$10 Million Via Private Placement With Eric Sprott

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Cerrado Gold (CERT.V) raised C$10 million as it closed its non-brokered private placement financing with Canadian Billionaire Eric Sprott, it said in a statement on Thursday.

The offering consisted of the issuance of 4-million units to an entity owned and controlled by Sprott at C$2.50 apiece. Each unit consisted of one share and one-half of one two-year warrant, with each warrant entitling the holder to buy a share for C$3.35 apiece.

Proceeds will be used for working capital and general corporate needs.

Shares of the company closed up 1.2% to C$2.49 on Wednesday on the TSX Venture Exchange.

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