Vancouver, British Columbia--(Newsfile Corp. - August 23, 2017) - OSPREY GOLD DEVELOPMENT LTD. (TSXV: OS) (the "Company" or "Osprey") is pleased to report that it has closed its previously announced non-brokered private placement (the "Private Placement") of 1,502,000 units of Osprey at a price of $0.25 per unit, for aggregate proceeds of $375,500. Each unit consists of one common share and one half of one share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of $0.40 per share for a period of 18 months from date of issuance.
The Company paid aggregate cash finders' fees of $13,800 and issued 55,200 Finders' Warrants in connection with the Private Placement. Each Finder's Warrant entitles the holder to acquire one common share of the Company at $0.40 per share for 18 months from the date of closing.
The net proceeds of the Private Placement will be used for exploration and advancement of the Company's properties in Nova Scotia, evaluation and possible acquisition of other target properties and general working capital. All securities issued under the Private Placement are subject to a hold period expiring four months and one day after date of issuance.
About Goldenville and Osprey
Osprey is focused on exploring historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100% (subject to certain royalties) in four properties, including the Goldenville Gold Project, Nova Scotia's largest historic gold producer. Goldenville hosts a current Inferred Resource of 2,800,000 tonnes at 3.20 grams per tonne ("g/t") gold for 288,000 ounces of gold (2,800,000 tonnes at 4.96 g/t gold for 447,000 ounces of gold uncapped) near the town of Sherbrooke, NS. All four properties in Osprey's current portfolio have a history of high-grade gold production. A copy of the Company's technical report titled "Technical Report on the Goldenville Property, Guysborough County, Nova Scotia Canada" prepared by Brandon Macdonald, P.Geo., dated effective February 15, 2017 is available under the Company's profile at www.SEDAR.com.
The technical information in this release has been reviewed and approved by the Company's Vice President of Exploration Perry MacKinnon, P.Geo, a 'Qualified Person' under NI 43-101.
