Lode Gold Resources Inc (OTC:SBMIF) Stock Soars 49%: Here is Why

This morning most investors are likely to look into those companies which may have been in the news on Monday and on that note, it could be a good move to keep track of the Lode Gold Resources Inc (OTC:SBMIF) stock. The company announced yesterday that it had closed the non-brokered private placement of 26268868 units that had been originally announced on January 3, 2024. In the news release it was also noted that the company managed to raise proceeds of $65672170.

Lode Gold Resources also announced that each unit, sold for C$0.025 each, was made up of one common share in the company and a share purchase warrant. The holder of a warrant would be entitled to pick up a common share in the company for the price of C$0.05 up until 24 months since the date of closing. However, it was noted that the closing date could be accelerated by Lode Gold Resources if the shares trade for $0.30 or more for more than 10 days. It was also announced that the actual closing of the placement was subject to eventual approval by the TSX Venture Exchange.

On March 5, 2024 the company had successfully closed the offering of 56916100 units for total proceeds of $1422902.50. That brought the total amount raised by the company to $2079624.20. However, it should be noted that the company also paid out $9800 in the form of finders’ fee and qualified finders had also been issued with 392000 broker warrants. The securities that the company issued in the final tranche were also going to be restricted from trading up until July 18, 2024. Additionally, it was also revealed that insider of the company picked up 44516100 common shares in Lode Gold Resources. The proceeds would be spent on high resolution magnetic and drilling related work at the company’s properties.