Vancouver-based Rye Patch Gold Corp. (TSX-V:RPM) has raised $5 million from an initial public offering.
The company said it plans to use the funds to acquire and explore gold assets in Nevada. Its main asset is the Wilco project in west-central Nevada.
Rye Patch offered eight million units at $0.50 each with an over-allotment of two million units fully exercised for a total of 10 million units sold. Each unit consisted of one common share and half a purchase warrant entitling the holder to buy a share at $0.75.
PI Financial Corp. acted as agent for the offering.