Near-term gold producer LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) announced the successful close of public and private offerings, raising aggregate gross proceeds of more than C$11 million to restart gold production at its Beacon Gold Mill. The funds will also support aggressive drilling programs on the company's Swanson Gold Project and the newly acquired McKenzie East Gold Project, both located in Quebec's Abitibi Gold Belt, Canada's largest gold-producing region.
The financing, which closed on June 9, includes details on service commissions tied to the offerings and qualifying exploration expenses associated with charitable flow-through shares. The proceeds are expected to be used to source mineralized material from the Swanson Gold Deposit, feeding the Beacon Mill to resume gold production.
LaFleur's strategic planning, combined with the meteoric rise in gold's market value over the past year and a half, positions the company for firm profitability once production resumes. The company's low base case planning underscores its expectations of strong financial performance as it moves toward becoming a consistent gold producer.
The offerings included a combination of public and private placements, with the gross proceeds allocated to restarting operations and expanding resource estimates. The company plans to continue its drilling programs to increase resources at Swanson and explore the potential of McKenzie East.
Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the company, has reviewed and approved the scientific and technical information contained in this release. He is considered a Qualified Person for the purposes of National Instrument 43-101.
For more information about LaFleur Minerals, visit the company's newsroom at https://nnw.fm/LFLRF.
