Junior corporate roundup: Canasil, GoGold, Amarillo, Wealth

Wednesday, June 8, 2016

Vancouver's Canasil Resources announced a non-brokered private placement of units for total gross proceeds of Cdn$2.4mn (US$1.89mn), expected to be closed by June 29, a statement said.

Proceeds of the placement will be used to continue exploration work on its mineral projects and for working capital. Canasil has projects in Mexico's Durango and Zacatecas states and in British Columbia.

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Halifax-based GoGold Resources closed a previously announced bought deal offering of units for gross proceeds of Cdn$11.1mn, to be used to advance its mineral properties in Mexico and for working capital and general corporate purposes, said a press release.


Brazil-focused Amarillo Gold signed a contract of purchase and sale with privately owned Baribras Mining, which owns the mineral rights at the dormant Zacarias mine, 13km west of the proposed Posse mine development at the Mara Rosa project in Goiás state, according to a statement.

The agreement is for the purchase of 360,000t of tailings from Zacarias processing operations, with Amarillo gaining ownership by passing the material through a proposed processing plant. Profit from any gold or silver recovered would be split 50:50 between the two companies.


Vancouver's Wealth Minerals appointed Timothy McCutcheon as company president. Henk van Alphen will remain as CEO, a press release said.

The company also said it has arranged a non-brokered private placement of shares for gross proceeds of up to Cdn$2mn, to be used to fund the costs related to ongoing discussions with Li3 Energy, including carrying out a complete due diligence of Li3's Maricunga lithium project in Chile.