Whitehorse Gold (OTCQX:WHGDF) (TSXV:WHG:CA) intends to launch an up to $3M non-brokered private placement financing from the sale of up to 7.5M units at $0.40 per unit.
Each unit consists of one share and one-half of one non-transferable share purchase warrant.
Each warrant will entitle the holder thereof to acquire one share at $0.65 per share.
Silvercorp Metals (NYSE:SVM), the mineral exploration company's largest shareholder, and other insiders are expected to participate in the offering with the purchase of an aggregate of up to 5M units.
The net proceeds are intended to be used for working capital requirements and other general corporate purposes.
The offering is likely to close on or about Nov. 30.