Business
Avidian Gold Corp. Closes $3,232,500 Tranche 1 of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORONTO, June 27, 2018 (GLOBE NEWSWIRE) -- Avidian Gold Corp. (“Avidia
About this update from Avidian Gold Corp.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORONTO, June 27, 2018 (GLOBE NEWSWIRE) -- Avidian Gold Corp. (“Avidian” or the “Company”) (TSX-V:AVG) is pleased to announce that, further to its news release dated May 17, 2018, it has completed an offering of 6,465,000 units (“Units”) by way of private placement at a price of $0.50 per Unit, for total gross proceeds of approximately $3,232,500. The offering consisted of a brokered offering (the “Brokered Offering”) led by Red Cloud Klondike Strike Inc. and including PI Financial Corp., Canaccord Genuity Corp. and Mackie Research Capital Corp. (collectively, the “Agents”), and a concurrent non-brokered offering (the “Non-Brokered Offering” and together with the Brokered Offering, the “Offering”). Each Unit was offered at a price of $0.50 and is comprised of one common share (a “Common Share”) of the Company and one half of a transferable common share purchase warrant (a “Warrant”), each Warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.76 for a period of 24 months from the date of closing of the Offering. Additionally, each Warrant will be callable during the 24-month period, at the option of the Company, should the Company's common shares trade above $1.00 for twenty consecutive trading days on the TSX Venture Exchange. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the Warrant. In connection with the Brokered Offering, as compensation for their services, the Agents received a cash commission equal to 7% of the gross proceeds from the Brokered Offering and that number of Agents’ warrants (the “Agents’ Warrants”) that is equal to 7% of the total number of Units sold pursuant to the Brokered Offering. Each Agents’ Warrant is exercisable into one Common Share at an exercise price of $0.50 at any time prior to the date that is twenty-four (24) months following the closing date of the Offering, whereupon the Agents’ Warrants will expire. In addition to this, in connection with their assistance with the Non-Brokered Offering the Company paid compensation of $34,000 and 60,000 finders’ warrants (the “Finders’ Warrants”) to certain eligible finders. Each Finders’ Warrant is exercisable into one Common Share at an exerci...