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Tuesday, 30th December 2008 (951 views)

St Andrew Goldfields has announced that it has raised funding to finance its gold exploration activities in the Timmins mining camp of Canada by securing an additional brokered private placement.

It has closed a placement of 5,370,452 units at $0.22 (£0.12) per unit for gross proceeds of $1,181,499.44.

Each unit comprises one common share that is issued on a flow-through basis, as well as a one-half common share purchase warrant.

The proceeds from the share issue will be used to fund exploration in the Timmins area, which is a prolific gold mining district.

Octagon Capital acted as the lead agent in the brokered private placement for St Andrews, which runs operations in Timmins, Alaska and Ontario.

The firm owns a large area of land in the Timmins mining camp, as well as an "extensive" piece of land in at Eskay Creek, British Columbia.

In other news, Franco-Nevada has entered into a deal to acquire a 7.29 per cent interest in Gold Quarry Royalty.

 

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