Business
Canagold Resources Ltd. Announces Closing of Private Placement
VANCOUVER, BC / ACCESSWIRE / July 28, 2023 / Canagold Resources Ltd. (TSX:CCM), (OTCQB:CRCUF), (...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canagold Resources Ltd. Announces Closing of Private PlacementVANCOUVER, BC / ACCESSWIRE / July 28, 2023 / Canagold Resources Ltd. (TSX:CCM), (OTCQB:CRCUF), (Frankfurt:CANA) (the \"Company\" or \"Canagold\"), is pleased to announce it has closed a non-brokered private placement (the \"Offering\") of common shares in the capital of the Company (the \"Shares\") at a price of $0.21 per Share.The Company issued 21,000,000 Shares for aggregate gross proceeds of $4,410,000. The Shares issued in connection with the closing of the Offering are subject to a statutory hold period for four months plus a day in accordance with applicable securities legislation ending on December 1, 2023.The net proceeds from the Offering will be used for the development of the Company's properties and for general administrative and working capital purposes. The Company received conditional approval from the Toronto Stock Exchange (the \"TSX\") for the Offering on June 19, 2023, and is currently seeking final approval.Two of the subscribers to the Offering are insiders of the Company who subscribed for an aggregate of 13,500,000 Shares. The issuance of Shares to these insiders constitutes a \"related party transaction\" as this term is defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, for the insider participation in the Offering, as the securities do not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 61-101.About CanagoldCanagold Resources Ltd. is a growth-oriented gold exploration company focused on advancing the New Polaris Project through feasibility and permitting. Canagold is also seeking to grow its assets base through future acquisitions of additional advanced projects. The Company has access to a team of technical experts to help unlock significant value for all Canagold shareholders.\"Catalin Kilofliski\"Catalin KilofliskiChief Executive OfficerFor further information, please contact:Knox Henderson, VP Corporate DevelopmentTel: (604) 416-0337; Cell: (604) 551-2360Toll Free: 1-877-684-9700Email: [email protected]: www.canagoldresources.comNeither the TSX...