Labrador Gold (TSXV: LAB) has closed a non-brokered private placement of 7.5 million units at C$0.54 per unit for gross proceeds of C$4.05 million. Each unit comprises one common share and one share purchase warrant, with each warrant exercisable at C$0.60 for a period of two years.

Palisades Goldcorp, which mainly invests in junior exploration companies across Canada, purchased all the units through a donation arrangement, thus becoming an insider and the largest shareholder of the company, with an approximate 13.57% stake.

Palisades is also the largest shareholder of New Found Gold, which is exploring the Queensway project located along strike of Labrador’s Kingsway project in Newfoundland.

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