Providence Gold Mines Extends Private Placement to Bolster Exploration
Vancouver, BC -- March 28, 2025 -- NewsGenie -- Providence Gold Mines Inc. has announced an extension to its private placement offering, originally announced on November 20, 2024, and subsequently updated on December 6, 2024, January 16, 2025, and February 14, 2025. The placement, now extended until April 30, 2025, seeks to raise up to $1,800,000 CAD through the issuance of 36,000,000 units priced at $0.05 each. Each unit includes one common share and one non-transferable warrant, with each warrant exercisable for a common share at $0.09 over two years from the closing date.
The first tranche of the placement, closed on December 6, 2024, generated $75,000 CAD from the issuance of 1,500,000 units. An officer of the Company participated in this tranche for the full amount.
The raised funds are earmarked for evaluating a new gold surface discovery, initially reported on May 6, 2024, and for a drilling program of approximately 2500m. This program will target the historical McCarthy and Mexican shafts, along with an area north of the Mexican shaft noted for its favorable structural conditions for hanging wall splay veins, similar to the historic "Bonanza" stope at the Providence mine, which alone yielded 50,000 ounces of gold. Ron Coombes, President & CEO, noted the exploration's potential to identify several robust gold targets.
All securities issued are subject to a four-month hold period, plus one day, from the private placement's closing date, as per Canadian securities regulations.
Lee Groat Ph.D., P. Geo, a qualified person under NI 43-101, has reviewed and approved the technical content of this release.
Ronald Coombes, President & CEO, is the contact for further information.