Inca One closes $1.1-million first tranche of financing
Momentum Public Relations
Press Release: June 12, 2017
Inca One Gold Corp. has closed the first tranche of its previously announced (June 9, 2017) non-brokered private placement for gross proceeds of $1.1-million by the issuance of 11 million units at a subscription price of 10 cents per unit.
Each unit comprises one common share of the company and one-half of one transferable common share purchase warrant. Each whole warrant will be exercisable to purchase an additional share of the company at an exercise price of 15 cents for a period of 18 months from the closing date. The company intends to close the final tranche of the private placement shortly.
The proceeds from the offering will be used for operating cost reductions, plant infrastructure upgrades and mineral purchases. All securities issued pursuant to the private placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
About Inca One Gold Corp.
Inca One is a Canadian-based mineral processing company. The company’s activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the sixth-largest producer of gold in the world, and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately $3-billion (U.S.) annually. The company purchases its minerals from government-registered small-scale mining producers from various regions and processes it at its Chala One milling facility located in Chala, southern Peru.
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