Providence Gold Mines Inc. announced a non-brokered private placement of 1,236,860 units at a price of CAD 0.07 per unit for the gross proceeds of CAD 86,580 on February 27, 2023. Each Unit consists of one common share and one purchase warrant. Each purchase warrant entitles the holder to purchase an additional common share at a price of CAD 0.05 for a period of 24 months from the date of issue. The transaction is subject to final regulatory approval. The transaction included participation from 3 placees including an Insider for CAD 430,000 and no finders' fees were paid in connection with the transaction. The TSX Venture Exchange has accepted for filing documentation with respect to the transaction.

On March 1, 2023, the company announced that it has received regulatory final approval with respect to the transaction.