Canadian miner Falco Resources has completed a fi-nancing round worth some CAD 17.28 million (US$13.4 million), the company said in a statement.
“The net proceeds from the Offering will be used for engineering work, the preparation of technical and environmental studies relating to the Horne 5 Project and for general business purposes. This critical work, as well as the required authorizations currently being sought, represent the final steps required prior to commencing the construc-tion of the Horne 5 Project,” Falco Resources said in a statement.
Luc Lessard, the president and CEO of Falco Resources, stated in the statement that the company was “delighted to conclude this last tranche, which brings the financing to a total of $17,280,000, and which will allow us to continue our operations in preparation for the next fundamental steps in the development of our project. We are grateful for our shareholders’ strong participation in this offering.”
Falco Resources says it owns about 70,000 hectares of land in the Rouyn-Noranda mining camp in Québec which represents 70 percent of the entire camp and comprises 13 former gold and base metal mine sites.