Almaden Minerals Ltd. announced the closing of their non-brokered private placement. The private placement was offered at US$1.25 per unit to a group of Mexican strategic investors. Almaden Minerals Ltd was able to raise approximately US$16.9 million as net proceeds from the private placement. Almalden will use the funds for general working capital and to use for the company's its Ixtaca gold-silver deposits.
Morgan J. Poliquin, President and CEO of Almaden, said, "We were approached by a small group of strategic investors some of whom are already long term shareholders of the Company. This group of people are focused on Mexico and are excited about the potential of our Ixtaca gold-silver project and the prospect generation process that Almaden follows. We are convinced that these investors will provide important support for the Company in developing this exciting Mexican asset. Most importantly this financing allows us to confidently continue our Ixtaca exploration and development program, which the Company had previously considered modifying in the context of the present very challenging financial marketplace. We are pleased to be able to continue our exploration efforts at a conservative and prudent pace."
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