Northfield Capital Corp. [NFD.A-TSX] has acquired another 5.0 million shares of Canadian Orebodies Inc. [CORE-TSXV] at a cost of 10 cents a share.
As a result, Northfield and the Toronto investment firm’s President Robert Cudney together own 24.7% of Canadian Orebodies, up from 19.97% previously
The announcement comes after Canadian Orebodies said it had completed a non-brokered private placement that raised $1.17 million via the sale of 4.92 million common shares of the company at 10 cents a share, 850,000 flow-through common shares at 12 cents per share and 4.0 million premium flow-through common shares at 14.5 cents per share
The company said proceeds will be used for exploration and advancement of its properties in the Hemlo, Ontario region and for general corporate purposes.
Canadian Orebodies shares fell 5% or $0.005 to 9.5 cents on Thursday and now trade in a 52-week range of $0.07 and 41 cents.
The junior exploration firm has the right to acquire a 100% interest in 251 claim units covering 4,047 hectares located in the Hemlo greenstone belt (the Wire Lake Property). Through staking Canadian Orebodies added an additional 455 claim units, bringing the entire property to over 11,300 hectares.
The Wire Lake property lies 29 km to the northeast of the Williams Mine and 40 km to the southeast of the past-producing base metal mines near Manitouwadge. In April, 2017, Canadian Orebodies acquired the adjacent Black Raven property, which covers an additional 6,640 hectares.
Gold was first discovered on the Wire Lake property in 1986 and the property was explored by junior companies until 1993. Since that time, the property had been dormant pending the outcome of litigation which has now been resolved.
In a September, 2019, press release, Canadian Orebodies said work to date is suggesting that the Wire Lake gold system has the potential to host a large tonnage gold deposit.
“The work we have been doing this season will lay the foundation for an improved geological model that we believe will aid us in effectively and efficiently targeting higher grade mineralization in the 3-km strike length of the Wire Lake Gold System,” said Fraser Laschinger, interim CEO of Canadian Orebodes in a press release on September 12, 2019.
Northfield and Robert Cudney recently acquired 2.1 million shares of Copper Reef Mining Corp. [CZC-CNX] for 30 cents a share. The shares, which represent approximately 9.1% of the issued and outstanding shares of the company, were acquired via a private placement on January 30, 2020.
Copper Reef is a junior mineral exploration company with a specific focus on properties in northwest Manitoba and northeast Saskatchewan. All of the company’s properties are in the exploration stage. Copper Reef says it has assembled a portfolio of base metal and precious metal prospects, all of which are 100%-owned with no option payments or work commitments required by a third party.