03:10 PM EST, 12/18/2024 (MT Newswires) -- Canadian Gold Resources (CAN.V) was at last look down 6.6% on Wednesday after it provided details of an offering.

It announced a non-brokered private placement of up to 7.5 million flow-through units, at $0.30 each, for aggregate gross proceeds of up to $2.25 million; and up to 1 million non flow-through units, at $0.25 each, for aggregate gross proceeds of up to $250,000.

A statement noted each FT Unit shall be comprised of one flow-through share in the capital of the company and one-half common share purchase warrant. Each whole FT Warrant shall entitle the holder thereof to acquire one common share in the capital of the company at a price of $0.40 per share for a period of 24 months from the date of issuance.

Each NFT Unit shall be comprised of one common share in the capital of the company and one common share purchase warrant. Each NFT Warrant shall entitle the holder thereof to acquire one common share in the capital of the company at a price of $0.35 per share for a period of 24 months from the date of issuance.

Proceeds from this Offering will be used by the company primarily for bulk sampling and exploration at the company's Lac Arsenault property and other high-grade gold projects in the Gaspe Gold Belt of Quebec and general working capital. Proceeds from the sale of FT Units will only be used by the company for eligible exploration expenditures.

Price: 0.56, Change: -0.04, Percent Change: -6.67