04:30 PM EDT, 09/05/2024 (MT Newswires) -- Newcore Gold ( NCAUF ) ( NCAU.V) after trade Thursday said it intends to raise up to $5 million through an offering of up to 17.24-million share units priced at $0.29 each.

Each unit is made up of a share and one half of a one-year warrant to buy a second Newcore share for $0.40.

The company said it intends to use proceeds to fund exploration and development activities at the company's 100% owned Enchi Gold Project in Ghana, as well as for general corporate and working capital purposes.

Newcore shares closed down $0.005 to $0.31 on the TSX Venture Exchange.