Emgold Mining Corporation announced Thursday it has raised $450,000 through the sale of 18 acres of land located in Nevada County.
According to the company’s website, the sale decreases the land package owned by the company related to the Idaho-Maryland Project from about 52 acres to 34 acres. The land sold is not required for the potential development of the Idaho-Maryland Project and was purchased by an adjacent property owner, the release states. Proceeds of the transaction will be used for general working capital.
“The proceeds from this sale provides financing for the company in a tough equity market and is non-dilutive to our shareholders,” Emgold President David Watkinson said in the release.
Earlier this month, the company announced the resignation of its Director Sargent Berner. On Aug. 21, Emgold also announced the appointment of Allen Leschert as its director.
According to Emgold, Allen is a senior member of the securities bar in Vancouver B.C. with more than 25 years of experience with public mining and exploration companies. He has pioneered a number of unique public company financing and transaction structures and has handled numerous public mining transactions, listings, joint ventures, financings, corporate takeovers, mergers and acquisitions in Canada and internationally.
“(Allen) is president of Armex Mining Corp. (a private B.C. based company) and is CEO and Chairman of the Board of Northaven Resources Corp. (a public B.C. based company). He holds and LLB from the University of Victoria and a B.Com (with distinction) from the University of Alberta,” the website states.