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Angold Announces Closing of $805,894 Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2022) - Further to its news release d...
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[{"type":"text","content":"Angold Announces Closing of $805,894 Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 14, 2022) - Further to its news release dated April 7, 2022, Angold Resources Ltd. (TSXV: AAU) (FSE: 13L) (OTCQB: AAUGF) (\"Angold\" or the \"Company\") is pleased to announce closing of a non-brokered private placement of 5,756,386 units (each, a \"Unit\") at a price of $0.14 per Unit for aggregate gross proceeds of $805,894 (the \"Offering\"). Each Unit will consist of one common share (a \"Common Share\") and one common share purchase warrant of the Company (a \"Warrant\"). Each Warrant will be exercisable to purchase one Common Share at an exercise price of $0.20 until April 14, 2025.Angold's CEO, Mr. Adrian Rothwell, stated: \"With a strong working capital position, Angold is now fully funded to execute the first phase of drilling at Iron Butte, Nevada, and to conclude permitting at Dorado, Chile. We look forward to mobilizing drills at Iron Butte in the coming week.\"Net proceeds from the Offering will be used to advance the Company's projects as well as for general working capital purposes. All securities issued in connection with the Offering are subject to a statutory hold period until August 15, 2022 in accordance with applicable securities laws.The Offering included participation by directors and officers of the Company in the aggregate amount of 150,000 Units. Their participation constitutes \"related party transactions\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The issuances are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as they were a distribution of securities for cash and the fair market value of the Units issued to and the aggregate consideration paid by the directors and officers did not exceed 25 percent of the Company's market capitalization.The Company did not file a material change report more than 21 days before the expected closing of the Offering because the details of the participation therein by the related parties of the Company were not settled until shortly prior to the closing of the Offering and the Company wished to close on an expedited basis for business reasons.About AngoldAngold is an exploration and development company targeting large-scale min...