10:57 AM EDT, 04/11/2025 (MT Newswires) -- Leviathan Gold ( LVXFF ) on Friday rose 12.5% and touched fresh 52 week highs after the company closed a non-brokered private placement pursuant to which the company sold 32.5 million units in the capital of the company at $0.10 apiece for proceeds of $3.25 million.

The company added that Michael Gentile will beneficially own and control 8.54% of the issued and outstanding common shares of the company on a non-diluted basis, and 12.29% of the issued and outstanding common shares of the company on a partially diluted basis, assuming the full exercise of the warrants by Gentile only, following completion of the offering.

On the offering, proceeds will be used primarily for exploration in Australia and Bosnia and for general working capital purposes.

Leviathan Gold's ( LVXFF ) President and Chief Executive Officer, Luke Norman, said: "Our Foca project in Bosnia is a tremendous asset located in an under-explored yet highly endowed metallogenic belt that is home to the likes of Adriatic Metal's Vares, project, the Trepca mines complex in Kosovo and others, clearly demanding a systematic modern-day approach to exploration. Our early move in this district has allowed us to secure prime ground, that includes the Vrela target, where historic drilling indicated an average mineralized thickness of 15 metres at 13.25% Pb+Zn over three diamond drill holes; recent rock chip sampling at this vicinity has returned values of up to 347 g/t Ag, 10.1% Pb and 40% Zn."

Shares of the company were last seen up 12.5% at $0.225 on the TSX Venture Exchange.

Price: 0.23, Change: +0.03, Percent Change: +12.50