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Avidian Announces Upsize and Closing of Second and Final Tranche of $6.6M Oversubscribed Non-Brokered Private Placement
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About this update from Avidian Gold Corp.
[{"type":"text","content":"Avidian Announces Upsize and Closing of Second and Final Tranche of $6.6M Oversubscribed Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATESTORONTO, ON / ACCESSWIRE / June 18, 2021 / Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSXV:AVG)(OTCQB:AVGDF) is pleased to announce the upsize and closing of the second and final tranche (the \"Second Tranche\") of the Company's oversubscribed non-brokered private placement first announced on April 26, 2021 (the \"Offering\"). The closing of the first tranche of the Offering was announced on June 14, 2021 and consisted of the sale of 26,897,774 hard dollar units and 6,576,364 common shares of the Company issued on a \"flow-through\" basis pursuant to the Income Tax Act (Canada) for gross proceeds of $5,218,411. Under the Offering, the Company raised aggregate gross proceeds of $6,601,677.66.Within the Second Tranche, the Company raised aggregate gross proceeds of $1,383,266 through the sale of 2,530,000 hard dollar units (the \"HD Units\") at a price of $0.15 per HD Unit and 5,576,478 common shares of the Company issued on a \"flow-through\" basis pursuant to the Income Tax Act (Canada) (the \"FT Shares\") at a price of $0.18 per FT Share.Each HD Unit issued pursuant to the Second Tranche consists of one common share of the Company (a \"Common Share\") and one half of one Common Share purchase warrant (a \"Warrant\"). Each whole Warrant will entitle the holder to acquire one Common share at a price of $0.20 for thirty-six (36) months from the date of issuance.In connection with the Second Tranche, the Company paid to eligible finders an aggregate of $20,069.36 in cash and 86,202 broker warrants (the \"Broker Warrants\"). Each Broker Warrant is exercisable to acquire one Common Share at a price of $0.20 for a period of thirty-six (36) months following the date of issuance.Within the Second Tranche, certain insiders of the Company have subscribed for an aggregate of 30,000 HD Units for aggregate gross proceeds of $4,500. Under the Offering, insiders of the Company subscribed for an aggregate of 2,749,635 HD Units for aggregate gross proceeds of $412,445.25. The participation by these insiders within the Offering will support th...