Business
Avidian Gold Provides Update on Financing: Doug Kirwin Elected to Board of Directors
TORONTO, Ontario / TheNewswire / November 21, 2018 - Avidian Gold Corp. ("Avidian" or the "Company") (TSX-V:AVG) is pleased to provide an update on the previous
About this update from Avidian Gold Corp.
[{"type":"text","content":"TORONTO, Ontario / TheNewswire / November 21, 2018 - Avidian Gold Corp. (\"Avidian\" or the \"Company\") (TSX-V:AVG) is pleased to provide an update on the previously announced private placement of units (the \"Units\") announced in the Company's news release dated October 22, 2018. The Company is adjusting the terms of the financing so as to better reflect the current weakness in market conditions. The proposed non-brokered financing will be conducted by way of a private placement of Units at C$0.35 per Unit for gross proceeds of up to C$1,000,000 (the \"Offering\"). Each Unit will be comprised of one (1) common share of the Company (a \"Common Share\") and one half of a transferable Common Share purchase warrant (a \"Warrant\"). Each full Warrant will entitle the holder thereof to acquire one Common Share at C$0.50 for a period of 24 months from the date of closing of the Offering, subject to an option of the Company to accelerate the expiry date of the Warrants, in the event that the Common Shares trade above $0.65 for twenty consecutive trading days on the TSX Venture Exchange by providing a notice to warrant holders. Upon receipt of such Warrant acceleration notice, Warrant holders will be able to exercise the Warrants within a 30-day period. The net proceeds from the Offering shall be primarily used for advancing the Golden Zone gold-copper project in Alaska and for general corporate purposes. The Offering is conditional upon receipt of required regulatory approvals, including the approval of the TSX Venture Exchange. The Common Shares and the Warrants issued pursuant to the Offering, as well as any compensation options issued to founders will be subject to a four month hold period in accordance with applicable Canadian securities laws. Board Appointment and AGM Results The Company is also pleased to announce the election of Mr. Doug Kirwin to the Company's Board of Directors at its Annual and Special Shareholders Meeting (\"Meeting\") held on November 15, 2018. Mr. Kirwin is a geologist with more than 45 years of experience holding executive positions with Anglo American and Amax in the 1970s and then as Managing Director of an international mineral consultancy in the 1980s and 1990s. In 1995, Doug joined Indochina Goldfields Ltd., which became Ivanhoe Mines Limited and stayed with the company until its acquisition by Rio...