Golden Cross raises C$3.75M in private placement for Australia gold project

Golden Cross Resources Inc. (TSXV: AUX) (OTCQB: ZCRMF) has closed a non-brokered private placement, raising gross proceeds of C$3,750,000.

The placement consisted of 22,058,821 units priced at C$0.17 per unit. Each unit includes one common share and one half of one common share purchase warrant. Each whole warrant allows the holder to purchase one additional share at C$0.30 until June 17, 2028.

The company said it intends to use the proceeds to fund exploration drilling and development at its Reedy Creek high-grade gold project in Victoria, Australia, as well as for general working capital and administrative purposes.

Golden Cross paid cash finder's fees totaling C$102,078.59 in connection with the closing. The placement remains subject to final approval from the TSX Venture Exchange. Securities issued are subject to a hold period expiring four months and one day from the closing date.

Company insiders purchased 300,000 units in the placement, constituting a related party transaction under Multilateral Instrument 61-101. The company said it is relying on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value of the securities subscribed for does not exceed 25% of the company's market capitalization.

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