The western
Click here to view Figure 1 - Location of the 2022 diamond drilled holes collared on the Sakami property.
Click here to view Figure 2 - Pyrite-pyrrhotite mineralization and quartz veins intersected in metasedimentary rocks (wacke), western GoldenEye showing, Sakami property.
The Corporation is also pleased to announce the closing of a non-brokered private placement offering (the "Private Placement") of units of the Corporation (each a "Unit") and common shares of the Corporation issued as "flow through shares" (each a "Flow Through Share" for gross proceeds of
Under the Private Placement, the Corporation issued and sold:
- 5,650,000 Units at a price of
$0.05 per Unit, with each such unit being comprised of one common share of the Corporation ("Common Share") and one common share purchase warrant entitling the holder thereof to purchase one Common Share at an exercise price of$0.15 for a period of twenty-four months; and - 5,866,999 Flow Through Shares at a price of
$0.06 per Flow-Through Share.
In connection with the Private Placement, the Corporation paid finder's fees to arm's length third parties in the amount of
All securities issued pursuant to the Private Placement are subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of their issuance.
Two director and one officer of the Corporation have participated in the Private Placement and were issued an aggregate of 850,333 Flow-Through Shares. Such participation in the Private Placement is a "related party transaction" as defined in Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101"). The Private Placement is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of the securities issued to insiders nor the consideration for such securities by insiders exceed 25% of the Corporation's market capitalization. The Corporation did not file a material change report 21 days prior to closing of the Private Placement as the participation of insiders had not been confirmed at that time.
The Private Placement remains subject to the final approval of the
The technical information contained in this news release was reviewed and approved by
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", "expected" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements, including the expectations of the Corporation's management regarding the listing of its shares on the TSXV and delisting from the CSE, are based on the Corporation's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE
© Canada Newswire, source