A private placement of several hundred thousand units of Republic Goldfields (VSE) has been completed.
The placement has gross proceeds of US$1.6 million, with each unit priced at US$2.25. A unit consists of one common share and half a common share warrant exercisable at $2.62 over two years.
The company intends to use the proceeds to finance drilling of the Congress gold property in Arizona and to make payments on its Ellison gold property in northern Quebec.
At Congress, a 1,200-ft.-long mineralized zone, recently discovered 4,500 ft. north of the mill, has been exposed with a series of trenches. One of the trenches assayed 0.25 oz. gold per ton over 15 ft. A close-spaced drill program will test the zone.
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