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A mineral prospect in Armenia, where Fremont Gold will earn up to a 100% stake in Mendia Resources, an Armenian company with an exploration licence for the Vardenis copper-gold project in the eastern European country. Credit: Fremont Gold
Fremont currently holds rights to the Vardenis copper-gold property, previously worked on by Dundee Precious Metals, and the Urasar District gold project, for which it obtained an exploration permit last year. Proceeds of the financing will be used to undertake a minimum 22 line km IP survey at the Vardenis project and the first drill campaign at the Urasar project, among other exploration activities this field season, Fremont said.
The investment is part of a private placement by Fremont totalling 20.15 million units at C$0.10 per unit for gross proceeds of C$2 million. Each unit comprises one common share and half of a share purchase warrant, exercisable at C$0.17 per share.
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