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Avidian Gold Announces Non-Brokered $1.7M Private Placement and Strategic Investment by Crescat Capital LLC
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ...
About this update from Avidian Gold Corp.
[{"type":"text","content":"Avidian Gold Announces Non-Brokered $1.7M Private Placement and Strategic Investment by Crescat Capital LLCNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / August 6, 2020 / Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSXV:AVG) wishes to announce that it has entered into an agreement with Crescat Capital LLC (\"Crescat\"), pursuant to which Crescat will acquire $1,700,000 worth of units of the Company (\"Units\") at the price of $0.33 per Unit, which shall be offered to Crescat pursuant to a private placement of Units as described below(the \"Offering\"). Each Unit will consist of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to acquire a Common Share at $0.55 per Common Share for twenty-four (24) months following the issuance of Warrants. The Company will have the right to accelerate the expiry of the Warrants to a date that shall be 30 days following the date of an acceleration notice given by the Company in the event that the VWAP of Common Shares shall equal or exceed $0.825 for 20 consecutive days following the expiration of the statutory hold period to which the Warrants will be subject.In connection with the acquisition of Units by Crescat, the Company will grant to Crescat, for as long as Crescat holds at least 5% in the Company's common Shares (on a partially-diluted basis), a right to participate in future equity financings of the Company so as to maintain Crescat's pro-rata ownership of the securities of the Company.David Anderson, Chairman and CEO of Avidian states: \"We are pleased to welcome Crescat as a major shareholder of Avidian. Crescat is a US based, long term investor, that brings financial and technical expertise to the Avidian team as well as exposure to the US market. Shareholders like Crescat and Eric Sprott (see July 14, 2020 News Release), bring stability to our shareholder base and access to future capital as projects evolve. The funds from this financing will allow Avidian to expand 2020 exploration programs at Amanita and the Golden Zone. We look forward to working together in the years ahead.\"Kevin C. Smith, CFA- Partner and Chief Investment Officer of Crescat, commented as follows: \"Our goal at this stage of the pre...