Closes Over Subscribed Private Placement
June 4, 2019
Vancouver, British Columbia – Providence Gold Mines Inc. (TSXV: PHD) (the “Company” or “Providence Gold”) announces that, further to its news release of April 29, 2019, the Company has closed its oversubscribed non-brokered private placement through the issuance of 3,192,500 units (“Units”) at $0.12 per Unit for total gross proceeds of $383,100 (the “Financing”).
Each Unit is comprised of one common share and one common share purchase warrant (“Warrant”), each Warrant entitling the holder to purchase one additional share at a price of $0.15 per share for the first year, $0.20 per share for the second year, and $0.25 for the third year from the closing date.
The Company paid aggregate finders’ fees of $8,006 in cash and 66,720 finder’s warrants. Each finders’ warrant entitles the holder to acquire one common share of the Company at a price of $0.15 per share for 24 months.
The net proceeds of the private placement will be used toward working capital, general corporate purposes and a contingency for further drilling on the Providence Group of Gold Mine properties.
ON BEHALF OF THE BOARD
Ronald Coombes, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Ronald Coombes: (604) 724-2369
We invite all shareholders and stakeholders to join the Providence Gold Mines portal on 8020 Connect. Join here: http://b.link/Providence
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.