Sandspring Resources Ltd TSXV:SSP announced a bought-deal private placement of 23.15 million shares at $1.08 per share for $25 million. The company has granted the option to buy shares up to an additional 15% of the offering within 30 days of the closing date on or about March 30, 2012. Proceeds will be used for exploration, development and general corporate purposes.
Sandspring is currently advancing exploration and prefeasibility of the Toroparu Gold-Copper Deposit in Guyana. Toroparu has a February 2011 resource estimate of 29.7 million tonnes grading 0.88 g/t gold for 843,400 ounces gold and 0.14% copper for 92 million pounds copper measured, 122.49 million tonnes grading 0.68 g/t gold for 2.69 million ounces gold and 0.9% copper for 240.6 million pounds copper indicated and 233.68 million tonnes grading 0.71 g/t gold for 5.33 million ounces gold and 0.05% copper for 261.9 million pounds copper inferred. The estimate uses a cutoff of 0.24 g/t gold equivalent.
Sandspring Resources Ltd
by Greg Klein