07:33 AM EST, 12/11/2024 (MT Newswires) -- GFG Resources ( GFGSF ) on Wednesday said it raised $3.7 million from the exercise of 28.56 million common share purchase warrants of the company. The funds will be used to speed up exploration programs for GFG's projects in the Timmins Gold Camp.

"We are currently focused on drilling at our Aljo Gold Project and are looking forward to initiating our first pass drill program at the Muskego Gold Target in early 2025," said GFG Chief Executive Brian Skanderbeg.

The company said, in connection with the exercise of warrants, Alamos Gold ( AGI ) , whose U.S.-listed shares were up by about 1% in premarket trading, exercised 5.3 million warrants for $694,629.

Shares of GFG Resources ( GFGSF ) were flat at $0.155 at last close on the TSX Venture Exchange.