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Clarity Gold Announces Closing of First Tranche of Private Placement
VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) is pleased to a
About this update from Clarity Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) is pleased to announce that it has completed a first tranche of a non-brokered private placement (the “Offering”), pursuant to which it has issued an aggregate of 1,563,956 units (each, a “Unit”) at a price of $0.96 per Unit for gross proceeds of $1,501,397.76. Each Unit consists of one common share in the capital of the Company (each, a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one additional Share at a price of $1.25 per Share for a period of one year from the closing date. The Company expects to close a second tranche shortly. “We are pleased to close the first tranche of this financing,” said James Rogers, CEO of Clarity. “Our team is busy preparing and planning the next steps to advance the Destiny Project in 2021.” The Company paid cash finder’s fees of $56,347 and issued 58,694 finder’s warrants (each, a “Finder’s Warrant”) to certain finders in connection with the Offering. Each Finder’s Warrant is exercisable into one additional Share at a price of $0.96 per Share for a period of one year from the date of closing of the Offering. The aggregate gross proceeds from the sale of the Offering will be used for the required payments and exploration expenditures in connection with the Company’s Destiny Project, for exploration to advance the understanding of the Company’s other mineral exploration properties, costs of operations, digital marketing and awareness campaigns and for working capital. The securities issued under the Offering, and the Shares that may be issuable on exercise of the Warrants and the Finder’s Warrants, are subject to a statutory hold period expiring four months and one day from the date of closing of the Offering. Longford Capital Corp., a company wholly owned by James Rogers, the CEO and a director of the Company, was issued 52,250 Units under the Offering, which constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance to the insider is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the C...