12:21 PM EDT, 09/24/2020 (MT Newswires) -- GoldON Resources (GLD.V) was up nearly 6% after the company on Thursday said it closed a private placement of share units that raised C$0.5 million.

The company said it sold one-million units in the placement, with each priced at C$0.50 and made up of a share and a two-year warrant to buy a second share for C$0.75.

The funds will be used to advance exploration at the company's properties in northwestern Ontario's Red Lake gold camp and for working capital.

GoldON shares were last seen up C$0.03 to C$0.54 on the TSX Venture Exchange

Price: 0.54, Change: +0.03, Percent Change: +5.88