Business
Cassiar Gold Announces $1 Million Insider-Led Private Placement
Calgary, Alberta--(Newsfile Corp. - July 21, 2022) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: ...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Cassiar Gold Announces $1 Million Insider-Led Private PlacementCalgary, Alberta--(Newsfile Corp. - July 21, 2022) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) (\"Cassiar Gold\" or the \"Company\") has arranged an insider-led, non-brokered private placement consisting of up to 1,428,571 flow-through units (\"FT Units\") at a price of C$0.70 per FT Unit for gross proceeds of up to C$1 Million (the \"Offering\"). Insiders of the Company have committed to purchase a minimum of C$500,000 of the FT Units with all proceeds to be used to fund ongoing exploration and drill programs at its flagship Cassiar Gold Project in northern British Columbia, Canada.Each FT Unit will consist of one common share of the Company issued on a \"CEE flow-through\" basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each whole warrant will be exercisable by the holder to acquire one common share of the Company at a price of C$0.90 cents for a period of 24 months following the closing date of the Offering. The securities issued pursuant to the Offering will be subject to a four-month hold period under applicable securities laws. Marco Roque, President and CEO of Cassiar Gold, stated: \"Thanks to the hard work of our dedicated technical team at site, our 2022 drill campaign is advancing ahead of schedule with nearly 9,000 metres already completed, putting us in a position to potentially expand our drill program beyond the original target of 20,000 metres. The additional funding from this private placement will bolster our current financial position and provide us with the opportunity to potentially add more metres to our drill program if conditions allow. The significant insider participation in this financing underscores the high conviction of management and directors on the prospects of the district-scale Cassiar Gold Property.\"Participation by insiders of the Company in the Offering will constitute a related party transaction as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on exemptions from the formal valuation and minority shareholder requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the gross securities to be issued under the ...