Business
Avidian Gold Announces Completion of C$830,000 Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ...
About this update from Avidian Gold Corp.
[{"type":"text","content":"Avidian Gold Announces Completion of C$830,000 Non-Brokered Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / December 23, 2019 / Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSX-V:AVG) is pleased to announce that on December 20, 2019, the Company completed its previously announced non-brokered private placement of 8,300,000 flow-through units of the Company (the \"Flow-Through Units\") at a price of $0.10 per Flow-Through Unit for gross proceeds of $830,000 (the \"Private Placement\"). Each Flow-Through Unit consists of one common share in the capital of the Company to be issued on a \"flow through\" basis pursuant to the Income Tax Act (Canada) and one-half common share purchase warrant. Each whole warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.15 per share for a period of twenty-four (24) months from the date of issuance.In connection with the Private Placement, the Company will pay $25,500 in cash compensation to eligible finders and issue to the eligible finders 255,000 compensation warrants (the \"Finder's Warrants\"). Each Finder's Warrant is exercisable into one Common Share for a period of twenty-four (24) months at an exercise price of $0.10 per Common Share.The Flow-Through Units, Finder's Warrants and the securities underlying them will be subject to a four (4) month hold period in accordance with applicable Canadian securities laws.Related Party TransactionIn connection with the Private Placement, David Anderson, CEO and a director of the Company has acquired 750,000 Flow-Through Units and Donna McLean, CFO of the Company, has acquired 100,000 Flow-Through Units. The participation in the Private Placement, by Mr. Anderson and Ms. McLean 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 a...