In total, including the first tranche of the placement, 15,310,457 units were issued for gross proceeds of
Each unit consists of one common share of the Company and one whole common share purchase warrant. A total of 8,310,457 warrants were issued in the second tranche, with each warrant entitling the holder to purchase one common share of the Company at a price of
In connection with the second tranche of the placement a cash finder fee of
This private placement is subject to the final approval of the TSX-V. All securities issued in the first tranche of the placement are subject to a statutory hold period until
It is anticipated that approximately 50 percent of the aggregate proceeds raised under the offering will be used for exploration expenditures, land management costs and property payments; approximately 25 percent will be used to pay management fees to Company officers and, approximately 25 percent will be used for working capital and general corporate purposes.
The securities issued in the private placement will not be registered under the United States Securities Act of 1933, as amended (the '
Gold Chain annual property payment
The Company intends to issue 2,062,548 common shares of the Company in connection with a
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Email: dm@gold79mines.com
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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