07:02 AM EDT, 05/21/2024 (MT Newswires) -- Liberty Gold ( LGDTF ) on Tuesday said it has raised $12.5 million after closing a non-brokered private placement financing.

Under the offering, the company sold about 35.7 million units at $0.35 per unit. Each unit consists of one Liberty Gold ( LGDTF ) common share and one-half of a common share purchase warrant entitling the holder to acquire one Liberty Gold ( LGDTF ) common share for $0.45 each for a 24-month period following offering close.

Proceeds from the offering will be used for exploration drilling on seven new high-priority target areas identified at Black Pine; engineering, development, economic studies and permitting programs for projects in the Great Basin; and for general working capital.

Liberty Gold ( LGDTF ) rose 7.9% to $0.41 per share on Friday.