Business
Avidian Gold Announces $2.1 Million Rights Offering
TORONTO, Ontario / TheNewswire / May 16, 2019 - Avidian Gold Corp. ("Avidian" or the "Company") (TSX-V:AVG) is pleased to announce that it will be undertaking a
About this update from Avidian Gold Corp.
[{"type":"text","content":"TORONTO, Ontario / TheNewswire / May 16, 2019 - Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSX-V:AVG) is pleased to announce that it will be undertaking a rights offering to raise up to $2.1 million. The Company is offering rights (the \"Rights\") to purchase common shares (\"Common Shares\") to eligible shareholders of record, at the close of business on the record date of May 27, 2019, on the basis of one right for each common share held (the \"Rights Offering\"). Basic Subscription For every three (3) Rights held, eligible shareholders can subscribe for one Common Share of the Company upon payment of the subscription price of $0.11 per Common Share (the \"Exercise Price\"); The subscription price for each Common Share has been priced at a discount of approximately 19% to the closing share price on May 16, 2019, as per regulatory requirements; The Rights Offering will be conducted in Canada and will be available to Canadian resident shareholders and to shareholders outside of Canada who are eligible under certain exemptions (see details below); The Rights will trade on the TSX Venture Exchange under the symbol AVG.RT commencing on May 22, 2019. The Rights will expire at 5:00 p.m. (Toronto time) on June 21, 2019 (the \"Expiry Time\") and will become void and of no value; Eligible shareholders who fully exercise their Rights will be entitled to subscribe for additional Common Shares, if available as a result of unexercised Rights prior to the Expiry Time, subject to certain limitations set out in the Company's Rights Offering Notice (\"Notice\") and Rights Offering Circular (\"Circular\") (see details below on Subscription for Additional Shares); The shares purchased through the Rights Offering will be free-trading (and therefore not subject to the four-month hold that normally applies to shares issued through a private placement); and The Company intends to use the net proceeds of the Rights Offering to fund the Company's property payments for the Golden Zone and Amanita Properties in Alaska and the Jungo Property in Nevada, general and administrative expenses, and the remaining funds towards exploration expenses. Details of the Rights Offering will be set out in the Notice and Circular which will be available under the Company's profile at www.sedar.com and on the Company's website at www.avidiangold.com. Eligible Ho...