11:47 AM EDT, 05/02/2024 (MT Newswires) -- Minaurum Gold ( MMRGF ) said Thursday it raised about C$5.7 million from a best-efforts private placement.

The offering was made up of about 22.8-million units priced at C$0.25 and made up of a share and a two-year warrant to buy a second share for C$0.34..

The company plans to use the proceeds to complete a National Instrument 43-101 resource estimate at the Alamos Silver project, to continue exploration drilling and for working capital and general corporate purposes.

Minaurum shares were last seen unchanged at C$0.235 on the TSX Venture Exchange.