Business
GFG Closes Oversubscribed Financing
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES SASKATOON, Saskatche...
About this update from Alamos Gold Inc.
[{"type":"text","content":"GFG Closes Oversubscribed Financing\n\n\n\n\n\n NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES\n \n\n\n\n SASKATOON, Saskatchewan, May 02, 2025 (GLOBE NEWSWIRE) --\n \n GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF)\n \n (“\n \n GFG\n \n ” or the “\n \n Company\n \n ”) has closed its private placement financing (the “\n \n Offering\n \n ”) for gross proceeds of C$3,000,000. In connection with the Offering,\n \n Alamos Gold Inc.\n \n\n (“Alamos”)\n \n (\n \n TSX: AGI; NYSE: AGI\n \n ) purchased securities and will hold a 10.8% interest in the Company.\n \n\n\n Brian Skanderbeg, President and CEO of GFG commented\n \n , “This successful financing, along with the continued support from Alamos, is a testament to our long-term strategy, strong asset base, and promising growth prospects. With a strong cash position, we have the capability to sustain our aggressive exploration strategy, with a focus on advancing the Aljo Gold Project to resource stage and making the next significant gold discovery in the world-class Timmins Gold District through strategic growth and innovation.\n \n\n In the coming months, we are excited to receive and publish the results from the recently completed drill programs at the Aljo Gold Project and the Muskego and Chabot gold targets. These results will provide valuable insights as we continue to drive our exploration efforts forward and strive to unlock the full potential of our assets.”\n \n\n Pursuant to the Offering, GFG issued 11,041,591 premium flow-through units of the Company (each, a\n \n “Premium Unit”)\n \n at a price of C$0.2717 per Premium Unit for gross proceeds of C$3,000,000. Each Premium Unit consists of one common share of the Company and one share purchase warrant (a “\n \n Warrant\n \n ”) entitling the holder thereof to acquire one additional common share of the Company at an exercise price of C$0.28 for a period of 24 months from the date of issuance. Each of the common shares and Warrants comprising the Premium Units qualify as a “flow-through share” for the purposes of the\n \n Income Tax Act\n \n (Canada).\n \n\n If during the exercise period of the Warrants the closing price of the common shares of the Company is at a price equal to or greater than C$0....