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Pure Gold Mining raises C$1 million through exercise of options

"The recent acquisition of shares is a strong testament to the positive fundamentals of the Madsen Red Lake gold project and alignment of the board and management with all shareholders," noted the company in a release

Madsen project
Pure Gold Mining is advancing its Madsen project in the prolific Red Lake district, located in northwestern Ontario

Pure Gold Mining Inc (CVE:PGM) announced Monday that it had raised more than C$1 million through an exercise of options. 

The Canadian focused gold developer announced that its board and senior management have exercised 2.91 million options that were granted April 8 and May 14, 2014, raising C$1,014,000.

The company is advancing its Madsen project in the prolific Red Lake district, located in northwestern Ontario. 

"The recent acquisition of shares is a strong testament to the positive fundamentals of the Madsen Red Lake gold project and alignment of the board and management with all shareholders," noted the company in a release. 

READ: Pure Gold Mining expects London listing in second quarter this year

The company said that over the last 60 days, directors and senior management of the company have acquired and held 3,094,500 shares through option exercises and acquisitions in the public market.

The Madsen project is centred around a historical mine, which produced 2.5 million ounces of gold at an average grade of 9.7 g/t (grams per tonne) gold between 1938 and 1976 and again from 1997 to 1999.

Shares of Pure Gold were at C$0.57 on Monday. 

Contact Katie Lewis at [email protected]

 

Quick facts: Pure Gold Mining

Price: 0.58 CAD

TSX-V:PGM
Market: TSX-V
Market Cap: $205.1 m
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