TORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Company is pleased to announce, further to the previously non-announced non-brokered private placement (see Company news release dated December 5, 2024 on SEDAR+), its intention to increase the size of its previously announced non-brokered private placement from $4,500,000 up to approximately $5,250,000 (the “Offering”).
We are very grateful for the strong interest and support of our exciting and impactful exploration activities in the White Gold District,” stated David D’Onofrio, Chief Executive Officer. In connection with the Offering, the Company may pay to eligible finders a fee equal to 7.0% of the gross proceeds raised by the Company from the sale of Offered Shares to subscribers directly introduced to the Company by such finders. In addition, the Company may issue to eligible finders non-transferable warrants equal to 7.0% of the number of Offered Shares sold in the Offering to subscribers directly introduced to the Company by such eligible finders. Each finder’s warrant will entitle the holder to acquire one Common Share at a price of $0.22 per Common Share for a period of 36 months from the date of issuance. Closing of the first tranche of the Offering is expected to occur on or about December 20, 2024 and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange (the). The Company’s flagship White Gold project hosts four near-surface gold deposits which collectively contain an estimated 1,203,000 ounces of gold in Indicated Resources and 1,116,600 ounces of gold in Inferred Resources. Regional exploration work has also produced several other new discoveries and prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Corporation with Measured and Indicated Resources of
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