Business
Avidian Gold Announces Non-Brokered Private Placement of Flow-Through Shares
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 Non-Brokered Private Placement of Flow-Through SharesNOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / December 16, 2019 / Avidian Gold Corporation (TSXV:AVG) (the \"Company\") announces a non-brokered private placement (the \"Private Placement\") of up to 6,000,000 flow-through units (the \"Flow-Through Units\") at a price of $0.10 per unit for aggregate gross proceeds of up to $600,000.00. 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 24 months from the date of issuance.This offering by Avidian is to assist their majority owned, private subsidiary, High Tide Resources Corp by way of a step-down financing arrangement. The Company shall have the option to increase the Offering by up to additional 3,000,000 FT Units. Closing is expected to be on or about December 19, 2019.The net proceeds from the Offering shall be primarily used for funding exploration and development work on the Labrador West iron ore project in Labrador and the Black Raven property near Twillingate in north-central Newfoundland, the interests in which is held by High Tide.The Offering is conditional upon receipt of required regulatory approvals, including the approval of the TSX Venture Exchange. The FT Shares issued pursuant to the Offering, as well as any compensation options that may be issued to eligible finders will be subject to a four month hold period in accordance with applicable Canadian securities laws.About Avidian Gold Corp.Avidian is focused on and committed to the development of advanced stage mineral projects throughout first world mining friendly jurisdictions using industry best practices combined with a strong social license from local communities. It brings a disciplined and veteran team of project managers together with a regional scale advanced stage gold-copper exploration portfolio in Alaska. Avidian's Golden Zone project also hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold...