Business
Cassiar Gold Closes Upsized and Oversubscribed $3.5M Private Placement
Hong Kong and Calgary, Alberta--(Newsfile Corp. - August 16, 2021) - Cassiar Gold Corp. (TSXV:...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Cassiar Gold Closes Upsized and Oversubscribed $3.5M Private PlacementHong Kong and Calgary, Alberta--(Newsfile Corp. - August 16, 2021) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) (\"Cassiar\" or the \"Company\") is pleased to announce that further to its amended press release dated July 27, 2021, and subject to receiving final regulatory approvals, it has closed its over-subscribed non-brokered private placement (the \"Offering\") by issuing:520,972 flow-through units (\"Flow-Through Units\") at a price of $0.60 per Flow-Through Unit; and5,312,360 premium flow-through units (\"Premium Flow-Through Units\") at a price of $0.60 per Premium Flow-Through Unit.Gross proceeds raised under Offering were approximately $3.5 Million.Each Flow-Through Unit consists of one common share issued on a \"CEE flow-through\" basis pursuant to the Income Tax Act (Canada) (\"CEE Share\") in the capital of the Company and one flow-through Common Share purchase warrant (\"FT Warrant\"). Each FT Warrant will be exercisable by the holder thereof to acquire one CEE Share at a price of $0.675 for a period of 24 months following the closing date of the Offering.Each Premium Flow-Through Unit consists of one CEE Share and one warrant (\"Warrant\"). Each Warrant will be exercisable by the holder thereof to acquire one common share in the capital of the Company (a \"Warrant Share\") at a price of C$0.675 for a period of 24 months following the closing date of the Offering. The proceeds from this financing will be used for the ongoing exploration and drilling programs at the Company's flagship Cassiar Gold Project in northern British Columbia.In connection with the Offering, the Company paid certain persons finders' fees consisting of cash payments and non-transferable Warrants equal to 6%, respectively, of the aggregate proceeds raised from the sale of Flow-Through Units and Premium Flow-Through Units to subscribers introduced to the Company by the finder.The securities issued pursuant to the Offering are subject to a four-month hold period under applicable securities laws. About Cassiar Gold Corp.Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful business executives. The Company's key asset, the Cassiar Gold Project, is a larg...