Dryden Gold (DRY.V) shares rose 2.9% on Friday after it closed a non-brokered equity financing that raised $9.6 million..
The financing was made up of flow-through shares and charity flow-through shares. The company said 16-million FT shares were issued at $0.41 per FT share for $6.6 million, and 6.7-million CFT shares were issued at $0.452 per CFT share for $3 million.
The FT shares and the CFT shares will qualify as "flow-through shares" and "Ontario focused flow-through shares".
Centerra Gold exercised their 'top-up right' to retain their 9.9% interest in the company as granted within the investor rights agreements. Centerra purchased 2.3-million shares issued under the charity flow-through portion of the financing.
Alamos Gold also purchased 2.4-million shares issued under the charity flow-through portion of the financing and now holds an aggregate of 25.4-million shares, maintaining its 10.46% ownership of Dryden
Proceeds will be used to fund additional drilling and exploration on its 90,000-hectare property in Northwestern Ontario.
Shares of the company were last seen up $0.01 to $0.35 on the TSX Venture Exchange.
Price: $0.36, Change: $+0.02, Percent Change: +4.41%