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Majescor announces final closing of $4.0m private placement financing

Majescor Resources (CVE:MJX) announced Wednesday it has closed the third and final tranche of its non-brokered private placement financing.

In the third tranche, the junior explorer issued 500,00 units at a price of 20 cents each, for gross proceeds of $100,000. Majescor has now issued a total of 20.0 million units during the entire offering, for total proceeds of $4.0 million.

Each unit consists of one common share of the company and one-half common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at a price of 35 cents per share until August 19, 2013.

The company said the new funds will be used to advance the company's exploration program on the Somine copper-gold property in Haiti. Somine is majority-held by Simact Alliance Copper-Gold Inc., a subsidiary of Majescor.

Majescor paid a cash commission of $8,000 and issued 40,000 non-transferable warrants in connection with the financing.

Aside from Somine, the company is also working on the joint venture Mistassini uranium exploration project in Quebec and the Besakoa gold and base metal property in Madagascar, which is under option to Sunridge Gold Corp.