Vancouver, British Columbia – Providence Gold Mines Inc. (the “Company” or “Providence Gold”) is pleased to announce that it has arranged a private placement of up to $200,000 (the “Financing”) through the issuance of up to 2 million units (the “Units”) at a price of $0.10 per Unit. Each Unit will be comprised of one common share and one-quarter of one common share purchase warrant (“Warrant”), with each whole Warrant entitling the holder to purchase one common share of Providence Gold at a price of $0.25 per share for a period of one year. Providence Gold may pay finders’ fees of not more than 7% (payable in Providence shares), and 7% finder’s warrants (with terms similar to the Warrants).
The net proceeds of the private placement will be added to working capital. The Financing is subject to Exchange acceptance.
About the Providence Gold Property
The Providence Group of Mines is located in the Summerville Mining District, Tuolumne County, California, upon the eastern belt of the “Mother Lode” District. A number of high grade, well known Motherlode gold mines are found within this belt. The Property has a rich history of gold mineralization. A NI 43-101 compliant report entitled Technical Report on the Providence Gold Mines Property, Tuolumne County, California” dated April 24, 2017 by John P. Kowalchuk, BSc., P. Geo. can be viewed on SEDAR and on the Company’s website at http://www.redhutmetals.com.
ON BEHALF OF THE BOARD
Signed “Robert Eadie”
Robert Eadie, Chairman and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Robert Eadie
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.