TRIGOLD Resources’ proposed non-brokered private placement has closed oversubscribed from 5 million shares up to 6 million shares at 5c per unit to raise up to C$300,000.

Trigold, which is listed on the TSX Venture Exchange, said a portion of the private placement would be subject to a finder’s fee.

The net proceeds of the private placement are earmarked for the evaluation of exploration assets and for general corporate purposes.

In addition, Trigold said it continued to work toward completion of a definitive agreement for the acquisition of a 90 per cent interest in mineral tenements to be acquired by a Canadian corporation that is negotiating for the tenement transfer of mineral exploration permits in Papua New Guinea.

The agreement is subject to acceptable financing and approval from the PNG Mineral Resources Authority. A Definitive Agreement is targeted for completion by March, 2014.

The completion of a Definitive Agreement and private placement is subject to the approval of the TSX Venture Exchange.