Blackrock Gold Corp (CVE:BRC) is raising up to C$600,000 to fund additional exploration work at its Silver Cloud property in Nevada.
The junior exploration company said in a statement Tuesday that it has arranged a non-brokered private placement of a maximum of 6 million units at a price of $0.10 for gross proceeds of $600,000.
Each unit consists of one share and one warrant, which is exercisable at $0.16 for a three-year period from the date of issuance.
The majority of the proceeds will be used to fund exploration at Silver Cloud, with a small portion dedicated to general working capital.
Blackrock’s flagship Silver Cloud project is a 4,500-hectare property on the convergence of the Carlin Trend and Northern Nevada Rift, one of the richest gold mining areas in North America.
The Vancouver-based company announced last week that planning has commenced on an exploration program at Silver Cloud, which will include an opportunity to follow up on existing drill targets.
Shares of Blackrock were at C$0.09 on Tuesday morning in Toronto.
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