SAN FRANCISCO, CA–(Marketwired – June 15, 2017) – Shaking off delays in April, this mining and development company has money to expand, and analysts are talking about the Nevada project’s May production results.
Company included in article: Rye Patch Gold Corp.
Rye Patch Gold Corp. (TSX VENTURE: RPM) (OTCQX: RPMGF) announced the sale of its “3.4% net smelter return royalty for total consideration of US$5,000,000 in cash” on June 1, and on June 6 announced a bought deal offering in Canada “for aggregate gross proceeds of $10,002,200. . .to be used for continued expansion of the Florida Canyon, working capital and general corporate purposes.”
William C. Howald, president and CEO of the Company, stated, “In less than one year, the Company has made the transformation from a Nevada explorer to Nevada’s newest gold producer. The acquisition of the Florida Canyon mine was a transformational transaction that Rye Patch was uniquely positioned to pursue and re-start the mine to create shareholder value.”
In an iA Securities June 2 research report, analyst George Topping noted that the proceeds from the sale of the smelter royalty to Coer Mining “will supplement the cash flow from the Florida Canyon mine to be used towards drilling near mill material, infill drilling, and expanding the known resource.”
Continue reading this article: Going ‘All-In’: Silver and Gold Project Expanding in Nevada
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