Providence Gold Mines Inc. Closes $1,250,560 Private Placement Over Subscribed
July 24, 2020
Providence Gold Mines Inc. (the “Company”) is pleased to announce further to its news release of July 10th, 2020 wherein the Company announced it had increased the Non brokered private placement (NBPP) to $1,200,000 Cdn., the Company confirms that it has received regulatory approval and has closed the NBPP financing oversubscribed for total gross proceeds of $1,250,560. Three Company insiders purchased 3,000,000 shares in the private placement for proceeds of $240,000. The private placement including the first tranche (see news related dated May 19th, 2020) consists of 15,632,000 units, each unit representing one common share at a price of $0.08 per share and one share purchase warrant for the right to purchase one common share at a price of $0.15 per share for a period of 12 months, expiring on July 22nd, 2021.
Finder’s fees will be paid in connection with the private placement.
Ron Coombes states, “we are pleased with todays announcement and to move forward with our plans to advance our historically high-grade Providence Group of Gold Mines.”
The Company is currently receiving bids, (locally near the town of Sonora California), to grid auger drill the stockpile of historically milled material to further determine the volume of milled material which reportedly produced 225,000 ounces of gold until shut down due to a dispute in 1916.
The protocol is to assay at 2-meter intervals and once results are substantiated then to bulk sample the material to determine the best recovery methods.
Brian Ray M.Sc., P.Geo. Head of Exploration and a qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.
ON BEHALF OF THE BOARD
Ronald Coombes, President & CEO
Mobile: 1- 604- 724-2369
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.