Business
Avidian Gold Announces Closing of Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSE...
About this update from Avidian Gold Corp.
[{"type":"text","content":"Avidian Gold Announces Closing of 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 / December 15, 2022 / Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSX-V:AVG) is pleased to announce that it has closed the second and final tranche (the \"Second Tranche\") of its non-brokered private placement (the \"Offering\") offering of units of the Company (the \"Units\"), previously announced on October 17, 2022, November 25, 2022 and December 2, 2022. The total gross proceeds of the Offering were $404,230 and an aggregate of 11,549,429 Units were sold under the Offering at a price of C$0.035 per Unit (the \"Issue Price\"). An aggregate of 5,378,715 Units for gross proceeds of $188,255 were sold under the first tranche of the Offering (the \"First Tranche\") and an aggregate of 6,170,714 Units for gross proceeds of $215,975 were sold under the Second Tranche.Each Unit is comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one Common Share (a \"Warrant Share\") at an exercise price of $0.06 per Warrant Share for a period of twenty-four (24) months following the closing of the applicable tranche of the Offering.The net proceeds of the Offering are expected to be used as follows: approximately 57% of the net proceeds from of the Offering will be used to pay state claim fees and annual property payments for the Corporation's mineral properties in Alaska and Nevada, as applicable, approximately 16% of the net proceeds from the Offering will be used for the exploration and development of Avidian's advanced-stage gold & gold-copper mineral properties in Alaska and Nevada and the remaining 27% for general and administrative expenses. It is not expected that any of the net proceeds of the Offering will be used for payments to Non-Arm's Length Parties (as defined in the policies of the TSX Venture Exchange (the \"TSXV\") of the Company nor to any persons conducting Investor Relations Activities (as defined in the policies of the TSXV).Certain insiders of the Company (the \"Insiders\") acquired an aggregate of 1,585,715 Units under the Offering, with...