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Carlin Announces Proposed Share Consolidation, Private Placement and Shares for Debt Transaction
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Carlin Gold Corporation (TSXV: CGD...
About this update from Carlin Gold Corporation
[{"type":"text","content":"Carlin Announces Proposed Share Consolidation, Private Placement and Shares for Debt TransactionVancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - Carlin Gold Corporation (TSXV: CGD) (the \"Company\" or \"Carlin\") is pleased to announce that it intends to complete a restructuring transaction whereby it will complete a consolidation, private placement and shares-for-debt transaction.ConsolidationThe consolidation will be conducted on the basis of one (1) post-consolidated common share for every ten (10) pre-consolidated common shares (the \"Consolidation\"). Currently, a total of 88,939,464 common shares of the Company are issued and outstanding and, after the Consolidation, the Company will have approximately 8,893,946 issued and outstanding common shares. The Consolidation is subject to the approval of the TSXV and, once the Consolidation is approved, a new CUSIP number and letter of transmittal will be sent out to registered shareholders of the Company by the Company's transfer agent, Computershare Trust Company of Canada. The Consolidation is not subject to shareholder approval and no name change will be completed in conjunction with the Consolidation. The board of directors of the Company believe that the Consolidation is in the best interest of its shareholders as it is anticipated that the Consolidation will provide the Company with greater flexibility to arrange financings and complete strategic transactions and mineral property acquisitions. Private Placement of UnitsThe Company also announces a non-brokered private placement offering of up to 5,000,000 units (the \"Units\") at a price of $0.12 per Unit (on a post-Consolidation basis) to raise gross proceeds of up to $600,000 (the \"Private Placement\").Each unit will consist of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder, on exercise thereof, to purchase one additional common share of the Company at a price of $0.20 per share for a period of five years from the completion of the Private Placement. The Private Placement is subject to all necessary regulatory approvals, including acceptance from the TSXV. All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in add...