Business
Contact Gold Raises $1,000,000 in Upsized Private Placement Financing
(TheNewswire) Vancouver, BC - TheNewswire - February 24, 2023 - Contact...
About this update from Commodore Metals Corp.
[{"type":"text","content":"Contact Gold Raises $1,000,000 in Upsized Private Placement Financing \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire -\n \n \n February 24, 2023 -\n \n \n Contact Gold Corp.\n \n \n (the\n \n \n \"\n \n \n Company\n \n \n \"\n \n \n or\n \n \n \"\n \n \n Contact\nGold\n \n \n \"\n \n \n ) (TSXV:C\n \n \n )\n \n \n (\n \n \n OTC:CGOLF)\n \n \n is pleased to announce that it has\ncompleted a non-brokered private placement of $1 million (the\n\"Offering\"), comprising 50,000,000 units (\"Units\")\nat a price of $0.02 per Unit (the \"Offering Price\").\n \n \n \n \n The net proceeds of the Offering are expected to be\nused to undertake continued exploration at Contact Gold’s Pony Creek\ngold project, located in Nevada, and for general working capital\npurposes.\n \n \n \n \n Each Unit consists of one common share (“Common\nShare”) and one Common Share purchase warrant (each whole warrant, a\n“Warrant”), with each Warrant entitling the holder to purchase an\nadditional Common Share at a price of $0.05 per share for a period of\n36 months from the closing date.  See the Company’s press releases\ndated\n \n \n \n \n January 31,\n2023\n \n \n \n \n and\n \n \n \n \n February 9,\n2023\n \n \n \n \n for further details about the\nOffering. The Common Shares issued pursuant to this Offering will be\nsubject to a hold period expiring June 24, 2023.\n \n \n \n \n Certain insiders of the Company, including President\n& CEO Matt Lennox-King, Chairman John Dorward, and CFO John Wenger\nparticipated in the Offering by purchasing an aggregate of 14,000,000\nUnits.  The portion of such participation by the insiders constitutes\na “related party transaction” within the meaning of TSXV Policy\n5.9 and Multilateral Instrument 61-101 –\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n (“MI 61-101”). The\nCompany intends to rely on exemptions from the formal valuation and\nminority approval requirements of MI 61-101 as neither the fair market\nvalue of the subject matter of, nor the fair market value of the\nconsideration for, the transaction, insofar as it involves related\nparties, exceeded 25% of the Company’s market ...