ENP Newswire - 27 June 2014
Release date- 26062014 - Masuparia Gold Corporation (TSX.V: MAS) is closing the private placement financing announced in the Company's news release of April 3, 2014.
Gross proceeds of $351,000 have been realized from the sale of 3,400,000 FT and NFT Units as announced on May 15, 2014. Each FT Unit is comprised of one common share at a price of $0.12 CDN per share and one half of a NFT share purchase warrant exercisable for 2 years at $0.15 if exercised in year one and $0.18 if exercised in year two.
Each NFT unit is comprised of one common share at a price of $0.10 CDN per share and one full warrant exercisable for 2 years at $0.15 in year one and $0.18 in year two. Shares issued under this financing will be subject to a hold period of 4 months and one day from the closing date of the offering. Finders' fees may be payable to qualified agents on a portion of the funds raised in accordance with Exchange regulations.
Funds from the financing were used towards exploration programs on our Saskatchewan projects as discussed in the news release dated March 25, 2014 and for general working capital. The Company is awaiting the completion of all the assays and will then report the results from the drill program.
About Masuparia Gold
Masuparia Gold Corporation is a Canadian mineral exploration company focused on grassroots exploration projects with world class potential. Masuparia currently is the Operator of a joint venture (LRSGJV) in the La Ronge Gold Belt of Saskatchewan with Golden Band Resources on three properties: Greywacke Lake, North Lake and Preview Lake.
The Company believes the Greywacke Lake gold project to be an excellent regional exploration opportunity within the large 5,786 hectare project area. The Greywacke North deposit is at an advanced stage with several known high-grade gold-bearing zones and a NI 43-101 compliant Indicated Mineral Resource of 184,000 tonnes at 8.40 g/t Au plus an Inferred Mineral Resource of 58,000 tonnes at 7.29 g/t Au (at a cut-off of 5 g/t Au) (NI 43-101, Wardrop 2008).