Burin Gold set for $6.9 million IPO
Burin Gold Corp. said Friday it expects to raise $6.9 million from an initial public offering. It said the shares will be listed for trading on the TSX Venture Exchange on November 22, 2021.
Burin Gold is a junior exploration company with a focus on the exploration and development of precious metal resources in Newfoundland and Labrador.
The company is actively engaged in exploring mineral properties in the underexplored Avalonian terrane in the Burin Peninsula, in the southeastern part of the island of Newfoundland.
The company has said limited historical exploration, including the lack of diamond drilling by previous explorers, combined with comprehensive documentation of the overall alteration system by government and academic workers, creates a compelling opportunity for the potential discovery of Newfoundland’s next multi-million-ounce gold system.
The company’s Hickey’s Pond – Paradise Gold Project hosts several historical high-sulphidation gold showings over at least 20 kilometres of prospective geology, including the Hickey’s Pond showing. Last year, diamond drilling yielded very prospective gold mineralisation in six of the seven holes drilled. Highlight assays include 10.8 metres of 4.43 g/t gold in HP-20-002
An IP-geophysical anomaly over the Hickey’s Pond area shows a significant chargeability anomaly over a strike length of at least 2.0 kilometres and is open in all directions.
The company said six diamond drill holes covering 951 metres were completed in 2020 across 750-metres of strike length on the Hickey’s Pond showing and IP anomaly. All holes intersected alteration and mineralisation typical of high-sulphidation epithermal systems.
On Friday the company said the IPO consists of 3.26 million flow-through common shares priced at 69 cents each and 7.8 million units priced at 60 cents. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to buy an additional common share for 85 cents at any time before 5:00 p.m. (ET) before November 22, 2023.
The company said its IPO long form prospectus, dated November 10, 2021, has been filed with and accepted by the TSX Venture Exchange, and filed and accepted by securities regulators across Canada.
Burin is led by founder, President and CEO David Clark. He has over 20 years of mineral exploration experience across Canada, Mexico, Central America, the U.S.A., and Europe. Prior to his involvement with Burin, David was chief geologist at Radius Gold Inc. and consulting geologist to Medgold Resources Corp. [MED-TSXV, MGLDF-OTC].
His founding partner Daniel James was previously President with Medgold Resources, taking the company public and leading exploration teams to the discovery of the Tlamino deposit in Serbia. He is a fellow of the Society of Economic Geologists and earned an B.Sc. (Hons) in Geology from Portsmouth University.
On November 3, 2021, Medgold said it had granted MetalsTech Ltd. [MTC-ASX] the option to acquire 100% interest in the Tlamino project for A$3 million.