Core Points - Great Pacific Gold Corp. has successfully closed a non-brokered private placement financing, raising aggregate gross proceeds of $5,050,000 by issuing 11,222,222 units at a price of $0.45 per unit [8] - The net proceeds from the offering will be allocated for diamond drilling at the Kesar and Wild Dog Projects, additional exploration activities in Papua New Guinea, and for general expenses [3] - Certain insiders of the company subscribed for 588,864 units under the offering, which is classified as a related party transaction, but the company is exempt from obtaining a formal valuation and minority shareholder approval [2] Company Overview - Great Pacific Gold has a portfolio of exploration stage projects in Papua New Guinea and Australia, focusing on developing gold-copper resources [4] - Key projects include Kesar, Arau, Wild Dog, Lauriston, and Walhalla, each with significant exploration potential [12][13] Project Details - Kesar is a greenfield exploration project in Papua New Guinea with high-grade gold veins identified [12] - Arau contains the Mt. Victor exploration target, with a Phase 1 drilling program completed in August 2024 [12] - Wild Dog is a brownfield project with a history of small-scale gold mining and established access for exploration work [13] - Lauriston is adjacent to Agnico Eagle's Fosterville operations and has shown promising gold intersections [13] - Walhalla consists of over 1,400 km² of concessions with a high-priority target called Pinnacles, which is fully permitted for drilling [13]
Great Pacific Gold Closes Private Placement Financing of $5,050,000