Mr. Cooper Quinn reports
OSPREY ANNOUNCES FLOW THROUGH PRIVATE PLACEMENT
Osprey Gold Development Ltd. has proposed a non-brokered private placement of up to of 1,334,000 flow-through units at a price of 7.5 cents per unit for proceeds of up to $100,050.
Each FT unit will consist of one common share and one-half of one share purchase warrant, entitling the holder to purchase an additional common share at a price of 12 cents per share for a period of 18 months from the date of issue.
Finders' fees, which may consist of cash and/or finders' warrants exercisable to acquire one common share at a price of 12 cents per share for a period of 18 months, may be paid on the private placement for proceeds of the subscriptions from subscribers introduced to the offering, in accordance with TSX Venture Exchange policies.
Closing of the private placement remains subject to the approval of the TSX Venture Exchange. The net proceeds of the private placement will be used for exploration and advancement of Osprey's exploration projects located in Nova Scotia, Canada, and general working capital. All securities to be issued in connection with the private placement will be subject to a hold period of four months and one day from the date of issuance.
About Goldenville and Osprey
Osprey is focused on exploring five historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100 per cent (subject to certain royalties) in all five properties, including the Goldenville gold project, Nova Scotia's largest historic gold producer. Goldenville hosts a current National Instrument 43-101 inferred resource of 2.8 million tonnes at 3.20 grams per tonne gold for 288,000 ounces of gold (2.8 million tonnes at 4.96 g/t gold for 447,000 ounces of gold uncapped) near the town of Sherbrooke, N.S. All five properties in Osprey's current portfolio have a history of high-grade gold production. A copy of the company's technical report titled "Technical Report on the Goldenville Property, Guysborough County, Nova Scotia Canada" prepared by David G. Thomas, MSc, PGeo, and Neil Pettigrew, MSc, PGeo, is available under the company's profile at SEDAR. The technical information in this release has been reviewed and approved by the company's vice-president of exploration Perry MacKinnon, PGeo, a qualified person under NI 43-101.
Additional information regarding Osprey and the Goldenville property is available under the company's profile at SEDAR and at the company's website.
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