Currently viewing Global edition

ATAC raises funds for Osiris drilling

Exploration company ATAC Resources (TSXV:ATC) aims to raise up to C$3 million (US$2.3 million) through a private placement to fund drilling at its Osiris project in Canada’s Yukon territory.
ATAC raises funds for Osiris drilling ATAC raises funds for Osiris drilling ATAC raises funds for Osiris drilling ATAC raises funds for Osiris drilling ATAC raises funds for Osiris drilling

Previous drilling at Osiris

Staff reporter

The placement will comprise the sale of up to 5 million flow-through shares at a price of C60c a share.

ATAC CEO Graham Downs said the financing would allow the company to continue its exploration programmes at the Rackla gold property, while keeping cash aside for potential engineering and development activities.

"Crews will be on site within the week in preparation for our largest drilling campaign since 2012," he said.

The Rackla drilling campaign includes about 10,000m of diamond drilling funded by the placement and around 12,000m of drilling at the Orion project funded by Barrick Gold as part of its $55 million, 70% option earn-in agreement.

ATAC has circa-$13 million in its treasury and recently completed a $10 million exploration programme at the Osiris and Rau projects.