Business
Contact Gold Closes Private Placement for Gross Proceeds of $1,250,000
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2020) - Contact Gold Corp. (TSXV: C) (...
About this update from Commodore Metals Corp.
[{"type":"text","content":"Contact Gold Closes Private Placement for Gross Proceeds of $1,250,000Vancouver, British Columbia--(Newsfile Corp. - May 25, 2020) - Contact Gold Corp. (TSXV: C) (OTCQB: CGOL) (the \"Company\" or \"Contact Gold\") is pleased to announce, further to its news releases dated March 27, 2020 and April 17, 2020, the closing of the final tranche of the non-brokered private placement (the \"Offering\") of units of the Company (\"Units\") resulting in the issuance of an additional 1,630,000 Units at a price of $0.10 per Unit for gross proceeds of $163,000. In aggregate with the closing of the first and second tranches of the Offering, announced April 24, 2020 and May 5, 2020, respectively, the Company has issued 12,500,000 Units, for gross proceeds of $1,250,000.Each Unit consists of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder to purchase an additional Common Share at a price of $0.15 per share for a period of 24 months from the closing date (the \"Expiry Date\"). In the event that at any time between four months and one day following the closing date and the Expiry Date, the Common Shares trade on the TSX Venture Exchange (the \"TSXV\") at a closing price which is equal to or greater than $0.30 for a period of ten consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date such notice is provided.Net proceeds of the Offering are expected to be used to undertake further drilling at Contact Gold's Green Springs and Pony Creek gold projects located in Nevada, and for general working capital.The offered securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the \"Securities Act\") or any state securities laws, and may not be offered or sold to, or for the account or benefit of, any person in the United States or any \"U.S person\", as such term is defined in Regulation S under the Securities Act, absent registration or an applicable exemption from registration requirements. Offers and sales in the United States will be limited to institutional accredited investor. This press release shall not constitute an offer to sell or the solicitation of an...