Gold Basin Resources Corporation (TSX-V:GXX) has announced that it has closed the second and final tranche of its previously announced large unbrokered private placement. The proceeds are intended to fund ongoing exploration and general working capital for the company’s mineral projects.

The company said it will issue more than 2.3 million shares at $0.15 per share, generating approximately $351,000 Canadian dollars in gross revenue.

The funding has been oversubscribed and the company has issued over 17 million shares in total with gross revenues of over CAD$2.5 million.

The company notes that it paid finder fees on some of its loans to McFaddens Securities Pty Ltd ($82,440), PI Financial Corp ($1,800), Haywood Securities Inc ($18,285) and Canaccord Genuity (TSX:CF, LSE) Did. :CF) Corp (about $8,775) and Leede Jones Gable Inc (about $15,300) consist of a cash fee equal to 6% of the total revenue raised by each finder.

Exploration update

The company also announced that the Phase 2 Reverse Circulation Drill Program at its wholly owned Gold Basin project was completed on schedule and on budget.

A total of 5,004.8 meters were drilled in 41 holes, focusing on resource definition in Stealth, Red Cloud and PLM gold oxide deposits, as well as the largely undrilled strike gaps between some of these zones. rice field.

All holes have been sampled and submitted for analysis, and preliminary results are expected within a month, the company said.

Gold Basin is engaged in mineral exploration and acquisition of mineral assets in North America, including the Gold Basin Properties located in the Gold Basin Mining District of Mojave County, Arizona. 30.8 square kilometers.

Please contact the author at emily.jarvie@proactiveinvestors.com

Follow her on Twitter @emilyjjarvie