Ethos Gold shares up on $1.1 million private placement

Perk-Rocky copper-gold porphyry project. (Image courtesy of Ethos Gold).

Ethos Gold (TSXV: ECC) announced on Tuesday it has closed a non-brokered private placement of flow-through units, raising gross proceeds of C$1.33 million (approximately $1.1 million).

The private placement consisted of 5.55 million units priced at C$0.24 per unit. Each unit comprises one flow-through share and one-half of a non-flow-through common share purchase warrant. Each warrant is exercisable into one Ethos Gold common share at a price of C$0.30 for two years.

Crescat Portfolio Management LLC elected to exercise its participation rights pursuant to a 2020 subscription agreement and acquired all of the units on the back-end. Crescat now owns approximately 15.85 million shares of Ethos, representing approximately 12.7% of those issued and outstanding.

Crescat now owns approximately 15.85 million shares of Ethos, representing about 12% of those issued and outstanding

“We see our investment in Ethos as a stake in multiple high-quality projects across Canada that will be explored by a tier one team led by well-renowned geologist Rob Carpenter,” Dr. Quinton Hennigh, technical advisor to Crescat Capital said in a news release.

“The company recently announced commencement of drilling at its Perk-Rocky porphyry copper-gold project in BC, but this is just the beginning of a long list of exploration objectives this year.”

Ethos has accumulated a portfolio of district-scale projects in British Columbia, Ontario, Quebec, and Newfoundland.

With announcement of the private placement closing, shares of Ethos jumped 5% by midday Tuesday, giving the junior miner a market capitalization of C$37.4 million.

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