Big Ridge Gold closes $7M private placement, Gentile takes 19.9% stake

Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) has closed a non-brokered private placement of 23,333,333 units at C$0.30 per unit, raising gross proceeds of C$7,000,000, according to a company statement.

Each unit consists of one common share and one warrant exercisable at C$0.46 per share, expiring July 7, 2029. The company said proceeds will fund exploration at its Hope Brook Gold Project in Newfoundland and Labrador, as well as general corporate overhead.

Investor Michael Gentile acquired 18,103,333 units in the offering, bringing his ownership to approximately 19.9% of issued and outstanding common shares on a partially diluted basis, assuming full exercise of his warrants.

CEO Mike Bandrowski said the financing positions the company to complete a Preliminary Economic Assessment, conduct exploration and geotechnical drilling, and finalize ongoing environmental studies at Hope Brook.

The securities issued are subject to a four-month hold period under Canadian securities law and were not registered under the U.S. Securities Act of 1933.

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