COEUR D'ALENE, ID / ACCESSWIRE / October 17, 2017 / Star Gold Corp. ("Star Gold" or the "Company") (OTCQB: SRGZ) announced today that it completed a capital raise of $1,079,885 through a private placement of the Company's shares of common stock and share purchase warrants. Members of management accounted for 25.5% of the raise. No brokers or other third-parties were involved in the offering; as such, all monies will be available for use by the Company.
Star Gold has two remaining processes to complete prior to first, filing a Plan of Operations with the United States Forest Service (USFS), and then producing an EIS (Environmental Impact Statement). These two remaining processes are:
- Completing a baseline hydrological study of the project area which includes drilling to locate depth to the water table.
- Completing basic engineering and design for the proposed mine and leach pads. This information will be compiled with other baseline and design information into the overall Plan of Operations.
Once these steps have been completed and approval received from USFS, Star Gold intends to proceed to prepare a formal EIS. The completion of this current financing should provide adequate funding to complete the tasks remaining to finalize a Plan of Operations and preparation of an EIS.
Commenting on this capital raise, President of Star Gold, David Segelov, stated, "As we continue to advance through the permitting process, Star Gold has been mindful of remaining sufficiently funded in order to progress with efficacy. Star Gold is pleased to have secured this funding and it is a testament to the quality of the project that so many existing shareholders have chosen to participate."
About Star Gold Corp.
Star Gold is a gold exploration/development company with 125 unpatented claims located within the Walker Lane belt. The Company is currently focused on developing its flagship property, the Longstreet Property. The Longstreet Property is located in Nye County, Nevada.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Star Gold Corp (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
SOURCE: Star Gold Corporation