10:44 AM EDT, 05/21/2025 (MT Newswires) -- Palisades Goldcorp ( PLGDF ) , an investor in the resource sector, was at last look on Wednesday up more than 6% and moving away from near 52 week low levels after closing a non-brokered private placement of secured convertible notes for aggregate gross proceeds of C$8.323 million.

The company said it will issue two notes, each in the principal amount of around C$4.161 million, accruing interest at 10% per annum payable every six months. Subject to the agreement of the company and holder, interest payment may be payable in shares of the company.

A statement noted that note 1 will be for a period of six months and can be extended for two additional periods of six months, and note 2 will be for a period of 12 months and may be extended for an additional 12-month period, both upon agreement of the company and holder, and subject to the prior approval of TSX Venture Exchange. The notes are convertible at C$1.50 per common share at any time prior to maturity, the company has the option to repay the notes at any time prior to maturity without penalty and each note will be secured by 6.65 million New Found Gold Corp ( NFGC ) shares in the event that Palisades ceases to hold at least 20% of the issued and outstanding shares of NFG.

The company will use the net proceeds from the notes for working capital purposes and expects the closing of the offering to occur within 21 days.

Shares of the company were last seen up $0.06 at $0.96 on the TSX Venture Exchange.

Price: 0.96, Change: +0.06, Percent Change: +6.67