Business
Cassiar Gold Announces Closing of C$8.3 Million Bought Deal Offering
Calgary, Alberta--(Newsfile Corp. - June 8, 2022) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: C...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Cassiar Gold Announces Closing of C$8.3 Million Bought Deal OfferingCalgary, Alberta--(Newsfile Corp. - June 8, 2022) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) (\"Cassiar Gold\" or the \"Company\") is pleased to announce that, further to the Company's press releases on May 24, May 10, March 31, March 3 and March 2, 2022, it has closed its previously announced bought deal offering (the \"Offering\") of flow-through units of the Company (\"FT Units\"). Pursuant to the Offering, the Company issued 8,346,142 FT Units at a price of C$1.00 per FT Unit for gross proceeds of C$8,346,142 (including the partial exercise of the Underwriters' over-allotment option). \"We are extremely grateful to shareholders for their patience and support during this financing and are delighted to welcome excellent new institutional funds into the Cassiar Gold story such as US Global Investors and Myrmikan Capital, among others,\" stated Marco Roque, President and Chief Executive Officer of Cassiar Gold. \"All proceeds from the Offering will be used to fund the 20,000 m drill campaign and exploration program that is fully underway at the Cassiar Gold Property and we are excited to announce results from this work in the coming months.\"Each FT Unit consists of one common share of the Company to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder to purchase one non-flow-through common share of the Company (each, a \"Warrant Share\") at a price of C$1.05 at any time on or before that date which is 24 months following the date of issue, subject to adjustment in certain circumstances.The Offering was completed by way of a short form prospectus. Red Cloud Securities Inc. and Raymond James Ltd. acted as co-lead underwriters and joint bookrunners for the Offering, on behalf of a syndicate of underwriters which included BMO Nesbitt Burns Inc. (collectively, the \"Underwriters\"). In connection with the Offering, the Underwriters were paid a cash commission of C$490,354.26, representing 6% of proceeds raised under the Offering (reduced to 3% for certain purchasers on a list provided in advance by the Company), and were issued 490,354 non-transferable broker warrants (the ...