(prior to the issuance of the Government of Liberia’s 10% free carried interest) in the property by delivering a feasibility study and completing a an exploration program on a number of the other exploration targets with a view to substantially increasing the total resource.
Bought Deal Private placement
The Company announced on September 22, 2020 that it had closed its bought deal Private Placement of Special Warrants raising gross proceeds of C$10,020,000 (the “Financing”). The Financing was led by Stifel GMP, on its own behalf and on behalf of a syndicate of underwriters (together with Stifel GMP, the "Underwriters”). The net proceeds of this funding are planned to be used to develop the project through feasibility phase.
Work Program
In keeping with the modus operandi of our technical team, who are already in country and on site, the drilling contractor Cestos Drilling has been commissioned and is in country, the Feasibility Study consultants, DRA Global, have been signed up and are starting work and the Environmental and Social Impact Assessment (ESIA) Study has been awarded to SRK (UK).
The Feasibility study is planned for completion in Q3 2021 targeting a production rate of between 200,000oz pa and 250,000oz pa. Furthermore, a road contractor has mobilised for the rehabilitation of the access road to site and camp infrastructure has been ordered and is on route to site.
Ian Stalker, Chief Executive Officer - Africa
Krisztian Toth, Chairman of the Board