QualityStocks.net News – Firstgold Corp. (FGOC.OB) - $1.1 Million Private Placement is One Step Closer to TSX Listing

We would like to highlight Firstgold Corp. (OTCBB: FGOC). The company engages in the acquisition, development, and exploration of gold-bearing properties in the United States. It owns interest in the Relief Canyon mine comprising 146 claims, including 120 mill site claims and 26 unpatented mining claims located near Lovelock, Nevada. The company also has joint venture to explore Red Caps project and Crescent Valley project, which consist of 135 unpatented mining claims with 2,700 acres situated in Lander County, Nevada.

In the Company’s news today,

Firstgold Corp. announced it has completed a private placement of $1.1 million U.S. convertible debenture with a private investor, bearing 10 percent interest for the duration of 20 months. The private placement is convertible into common shares of the company at 80 cents per share.

The company will also issue the investor warrants to purchase $1.1 million of Firstgold’s common stock, exercisable at $1 per share up to 30 months from closing. The private placement will assist the company in its efforts to trade on the Toronto Stock Exchange.

“A condition precedent of Firstgold receiving a listing on the TSX was that Firstgold obtain long term capital funding of $9 million net of commissions. With the closing of this transaction for $1.1 million in conjunction with warrant exercise we have raised the $1.2 million we identified in our last press release as being required in addition to the previously announced and closed equity financing of $8.5 million,” Steve Akerfeldt, CEO of the Firstgold, stated in the press release.

He continued, “This total of $9.7 million dollars minus commissions means we have now achieved the funding target as established by the TSX. With this now in place we expect to proceed with completion of the listing process.”

Firstgold currently leases more than 30,000 acres of exploration property in Nevada, as well as 965 acres at its principal project, Relief Canyon, which recently reinstated its Plan of Operation to include its commencement of extensive drilling and development analysis on the project.

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