06:30 AM EDT, 05/01/2024 (MT Newswires) -- Liberty Gold ( LGDTF ) overnight Tuesday said it increased its non-brokered private placement financing to $12.5 million from $9.5 million.

The terms of the offering remain unchanged. The company will issue up to around 36 million units at $0.35 per unit, with each unit consisting of one Liberty Gold ( LGDTF ) common share and one-half of a common share purchase warrant.

Each warrant entitles the holder to acquire one Liberty Gold ( LGDTF ) common share for $0.45 for a 24-month period following the offering's completion, scheduled for May 17.

Liberty Gold ( LGDTF ) will use the proceeds for exploration drilling on seven high-priority target areas identified at the Black Pine oxide gold project in Idaho; engineering, development, economic studies and permitting programs for the company's projects in the Great Basin; and general working capital.

"This additional capital will further strengthen our financial position as we advance Black Pine and pursue our strategic development objectives and our goal of building the resource to the [more than] 5 million ounce range," said Liberty Gold ( LGDTF ) CEO Cal Everett.