Mr. Vishal Gupta reports
CALIFORNIA GOLD ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT
California Gold Mining Inc. has closed the second tranche of the previously announced (see news release dated May 21, 2020) non-brokered private placement of up to 4,687,500 common shares at a price of 16 cents per common share for total proceeds of up to $750,000.
In the second closing, the company issued a total of 1,511,250 common shares for gross proceeds of $241,800. The combined total raised in the first two tranches is $516,800 from the issuance of 3.23 million common shares.
A cash commission of 2,613 euros (or approximately $3,973 (Canadian)) was paid to a finder in connection with certain of the purchasers in the second tranche of the offering.
The company will issue a further news release if and when it completes an additional closing of the offering. The common shares issued as part of the offering are subject to a four-month hold period expiring on Oct. 10, 2020. The company intends to use the proceeds of the offering for working capital and general corporate purposes.
About California Gold Mining Inc.
California Gold is focused on continued development of a high-quality gold resource on its 100-per-cent-owned Fremont property in Mariposa county in California.
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