TORONTO, July 05, 2022 (GLOBE NEWSWIRE) -- FenixOro Gold Corp. (CSE: FENX; OTCQB: FDVXF; Frankfurt: 8FD) (the “Company”) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the "Private Placement"), previously announced on June 15, 2022. The Company has issued a total 2,050,000 Units ("Units") at a subscription price of $0.18 per Unit for gross proceeds of $369,000 in this first tranche. Each Unit consists of one common share of the Company and one common share purchase warrant, with each warrant being exercisable for one additional common share at an exercise price of $0.23 for a period of two years from their date of issuance.
- The Company has issued a total 2,050,000 Units ("Units") at a subscription price of $0.18 per Unit for gross proceeds of $369,000 in this first tranche.
- Directors and officers of the Company acquired 800,000 Units pursuant to Private Placement, for aggregate gross proceeds of $144,000.
- The Company intends to complete a second tranche closing of the Private Placement in the coming weeks for anticipated additional gross proceeds of up to $2.6 million.
- Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.