Carlin Gold closes C$9.8M private placement, adds new director

Carlin Gold Corporation (TSXV: CGD) (OTCQB: CGDCF) has closed a brokered private placement, raising approximately C$9.8 million through the sale of 7,519,231 units at C$1.30 per unit, according to a company statement.

Each unit consists of one common share and one warrant, with each warrant exercisable at C$1.50 per share until September 29, 2028. Canaccord Genuity Corp. acted as sole bookrunner, receiving a 5% cash commission on gross proceeds and 451,153 compensation warrants, also exercisable at C$1.50 per share until September 29, 2028.

The company said it intends to use net proceeds for exploration on its Nevada properties and for general corporate purposes. All securities issued are subject to a statutory hold period expiring January 30, 2027, under Canadian securities laws.

Carlin Gold also announced that Pete Shabestari has joined its board of directors, replacing Dong Shim, who will remain as chief financial officer. Shabestari is a professional geologist with more than 30 years of experience and currently serves as vice president of exploration at Liberty Gold Corp. and president of Liberty Gold USA. He holds a B.Sc. in geology from the University of Utah.

The company additionally granted 800,000 stock options to purchase 1,300,000 common shares at C$1.53 per share, expiring September 29, 2031.

Carlin Gold is a Vancouver-based exploration company with three wholly-owned properties in Nevada, including the Cortez Summit gold project, the Ivy copper-gold project, and the Willow gold exploration property.

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