Osprey Increases Private Placement for Proceeds of up to $1,350,000
TSX VENTURE: OS
Vancouver, British Columbia--(Newsfile Corp. - February 1, 2018) - OSPREY GOLD DEVELOPMENT LTD. (TSXV: OS) (OTCQB: OSSPF) (the "Company" or "Osprey") is pleased to announce that the non-brokered private placement offering of up to 13,333,333 units at $0.075 per unit for gross proceeds of up to $1,000,000 previously announced in the Company's news release of January 19, 2018 (the "Private Placement") has been increased to up to 18,000,000 units (the "Units") at $0.075 per unit for gross proceeds of up to $1,350,000 (the "Offering"). The Offering is not subject to any minimum subscription.
Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire an additional Common Share at an exercise price of $0.12 per Common Share for 24 months from the date of issuance (the "Closing Date").
Subject to the approval of the Exchange, finders' fees, which may consist of cash and/or finders' warrants exercisable to acquire one Common Share at a price of $0.12 per share for a period of 24 months, may be paid in respect of subscriptions by certain arm's length subscribers.
Closing of the private placement remains subject to the approval of the TSX Venture Exchange. The net proceeds of the private placement will be used for exploration and advancement of Osprey's properties located in Nova Scotia, Canada, and general working capital. All securities to be issued in connection with the private placement will be subject to a hold period of four months and one day from the date of issuance.
About Goldenville and Osprey
Osprey is focused on exploring five historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100% (subject to certain royalties) in all five properties, including the Goldenville Gold Project, Nova Scotia's largest historic gold producer. Goldenville hosts a current NI 43-101 Inferred Resource of 2,800,000 tonnes at 3.20 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 five 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 by David G. Thomas, M.Sc., P. Geo. and Neil Pettigrew, M.Sc., P. Geo. 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.