$DRY.V

2 stories mentioning DRY.VUpdated 33d ago

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Dryden Gold Raises $9.6 Million in a Private Placement of Flow-Through Shares

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 DrydenProceeds 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%

$DRY.V

Mining & Metals64d ago

Dryden Gold to Raise $7.5 Million in a Private Placement of Flow-Through and Charity Flow-Through Shares

Dryden Gold (DRY.V) on Tuesday said it will seek to raise $7.5 million from non-brokered private placement.The company said it will place up to a maximum of 17.95-million shares comprised of both flow-through shares (FT shares) and charity flow-through shares (CFT shares). The FT shares will be offered at $0.41 per share and the CFT shares will be offered at $0.4521 per CFT shares.Proceeds will be used to expand its drill program at its Hyndman project following permitting and summer fieldwork results. Dryden will also significantly expand its drill program at Gold Rock testing at depth and along strike.The company said the "district scale opportunity" will be further tested with an expanded summer field campaign to support targeted drill testing of priority anomalies. Additional field work will include detailed geological mapping, prospecting, tighter-spaced till substrate sampling and a gold-in-till program on newly acquired property at Hyndman.The financing may close in one or more tranches. An amount equal to the gross proceeds from the issuance of the FT shares and the CFT shares will be used to incur eligible resource exploration expenses which will qualify as "Canadian exploration expenses" and as "flow-through mining expenditures".Shares of the company were last seen up $0.005 to $0.35 on the TSX Venture Exchange.Price: $0.35, Change: $+0.01, Percent Change: +1.45%

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