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Avidian Gold Announces Completion of C$2M Non-Brokered Private Placement
TORONTO, ONTARIO / ACCESSWIRE / August 13 , 2019 / Avidian Gold Corp. (“...
About this update from Avidian Gold Corp.
[{"type":"text","content":"Avidian Gold Announces Completion of C$2M Non-Brokered Private PlacementTORONTO, ONTARIO / ACCESSWIRE / August 13, 2019 / Avidian Gold Corp. (“Avidian” or the “Company”) (TSX-V:AVG) is pleased to announce that it has completed its previously announced in July 23, 2019 and July 25, 2019 news releases non-brokered private placement of 20,480,768 common shares of the Company (“Common Shares”) at $0.10 per Common Shares for gross proceeds of $2,048,076.80 (the \"Private Placement\").In connection with the Private Placement, the Company will pay $40,200 in cash compensation to eligible finders and issue to eligible finders 402,000 compensation warrants (the “Finders’ Warrants”). Each Finders’ Warrant is exercisable into one Common Share for a period of eighteen (18) months at an exercise price of $0.10 per Common Share. The Common Shares, Finders’ Warrants and the securities underlying them will be subject to a four months hold period in accordance with applicable Canadian securities laws.Related Party Transaction In connection with the Private Placement, James Polson, a director of the Company has acquired 350,000 Common Shares. The participation in the Private Placement, by Mr. Polson constitutes a “related party transaction”, as such terms are defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available on the basis of the securities of the Company not being listed on specified markets, including the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ or certain overseas stock exchanges. The Company is also relying on the exemption from minority shareholder approval requirements under MI 61-101 as the fair market value of the participation in the Private Placement by Mr. Polson does not exceed 25% of the market capitalization of the Company.The net proceeds from the Private Placement, shall be primarily used for general and administrative expenses, property payments and to fund a trenching program on the Amanita Property which adjoins Kinross’s Fort Knox Gold Mine.About Avidian Gold Corp.Avidian brings a disciplined and ...