10:02 AM EDT, 07/09/2020 (MT Newswires) -- Canadian gold company MacDonald Mines Exploration Ltd. (BMK.V) at last look jumped 10.5% after saying Thursday that it aims to raise up to $2 million to advance its SPJ gold project in Ontario and for general working capital purposes.

The private placement consists of charity flow-through units priced at $0.135 each and flow-through units priced at $0.10 apiece. Each unit will comprise one share and one-half of a warrant exercisable at $0.20 per share for 24 months.

If its closing price is equal to or greater than $0.35 for 10 consecutive trading days, MacDonald will have the right to accelerate the expiry date of the warrants.

The company said it plans to continue drilling the Scadding deposit and other prospective targets on the SPJ property.

Price: 0.1050, Change: +0.0100, Percent Change: 10.53