New Guinea Gold Corporation (TSX-V: NGG) has made a private placement in which the company will issue 15,416,666 common shares at a price of $0.12 per share. The private placement will result in gross proceeds of about $1,850,000. The shares involved in the private placement will be subject to a four month hold period. NGG has agreed to pay a finder's fee of 7% to qualified persons assisting in the offering. The net proceeds are to be used for further exploration development and other work on its Weioko and Sinivit properties.
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New Guinea Gold (NGG) is a premier junior explorer and miner in Papua New Guinea, with direct and indirect interests in eight gold and two porphyry copper-gold-molybdenum properties. With 90,000 + metres of drilling completed, extensive gold or copper-gold-molybdenum mineralization has been discovered at all the properties. Gold production has commenced at the Company’s Sinivit Mine, to provide cash flow for on-going exploration.
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