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Mexus Gold US (MXSG) plans to raise $250,000 to pay for audits, outstanding claim taxes, and general administration purposes. The company will offer units at $.005 per share with a warrant for each share purchased. Mexus also plans to engage a US 3rd party engineering firm and a Certified lab in the Reno area to oversee a planned 8 RC drill hole program. Mexus President and CEO Paul Thompson believes the company can develop a resource in excess of one million ounces of gold, given the historical information, assays, and completed test mining. The company is open to mutually acceptable opportunities with other mining companies.
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The raise may dilute the value of existing shares due to the issuance of new shares at a lower price, potentially impacting current shareholders negatively.
CABORCA, MEXICO / ACCESSWIRE / January 29, 2024 / Mexus Gold US (OTCQB:MXSG) ("Mexus" or the "Company) is pleased to announce its' intent to raise $250,000 US, the estimated amount to pay for its currently outstanding but completed audits bringing Mexus back into compliance with the OTCQB exchange, paying for outstanding claim taxes, and general and administration purposes. The raise will be done by a private placement memorandum offering units in Mexus of one common share at $.005 per share US and a warrant for each share purchased, exercisable at $.015 per share of common stock for up to 24 months from issuance. There are no placement fees associated with the raise. The minimum subscription is $5,000.
Mexus plans to engage a recognized US 3rd party engineering firm to recommend and oversee QA/QC, along with a Certified lab in the Reno area, and report on the results of a to be planned 8 RC drill hole program with 100 meter depth holes resulting in an expected US SK-1300 SEC compliant inferred (or better) resource report in the area previously test mined by Mexus.
Mexus President and CEO Paul Thompson added, "In the past three years Mexus has opened three test pits with a gold average of 1.5 grams AU per ton of approximately 10,000 tons which were heap leached using carbon in pulp recovery at approximately 70% recovery producing $433,000 dollars US in audited gold sales. With the historical information, assays, and the test mining that has been completed we believe we can develop a resource in excess of one million ounces of gold. The Santa Elena is located near the huge Fresnillio Herradura open pit and on strike with that deposit. With the rising price of gold the timing could not be better and we feel the company has never been more undervalued."
Mexus is open to mutually acceptable opportunities with other mining companies.
About Mexus Gold US Mexus Gold US is an American based mining company with holdings in Mexico. The fully owned Santa Elena mine is located 54km NW of Caborca, Mexico. Mexus also owns rights to the Ures property located 80km N of Hermosillo, Mexico. This property contains 6900 acres and has both gold and copper on the property. Founded in 2009, Mexus Gold US is committed to protecting the environment, mine safety and employing members of the communities in which it operates. For more information on Mexus Gold US, visit www.mexusgoldus.com. Mexus Gold US (775) 721-9960. Paul Thompson Sr
Cautionary Statement Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
mexus gold us, an exploration stage mining company, engages in the evaluation, acquisition, exploration, and advancement of gold, silver, copper, and other precious metal projects in the state of sonora, mexico and the western united states. the company holds interests in the santa elena prospect comprising seven concessions covering an area of 898.028 hectares located to the northwest of the city of caborca, sonora state. it also holds interest in the ures property consisting nine concessions covering an area of 10,000 acres located to the north of hermosillo, mexico. the company was formerly known as action fashions, ltd. and changed its name to mexus gold us in september 2009. mexus gold us was incorporated in 1990 and is based in carson city, nevada.
