Trillium Gold Mines (TSX: TGM) this morning announced the closing of its previously announced brokered private placement. The financing saw the company raise a total of $5.0 million. The firm this morning also announced the replacement of its chief financial officer.
Under the terms of the financing, a total of 5.0 million units of the company were sold at a price of $1.00 per unit. Each unit contained one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years from the date of issuance, and has an exercise price of $1.50 per share.
Proceeds from the financing are to be used to advance its numerous Red Lake, Ontario properties, as well as for general working capital purposes.
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The company this morning also announced that appointment of Ian M MacNeily as CFO of the company, following his recent appointment as financial advisor to the company. MacNeily has two decades of executive financial management under his belt, having served with numerous mining and development firms, including Abacus Mining Corp and North American Palladium.
Trillium Gold last traded at $0.95 on the TSX Venture.
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