Business
Stone Gold Inc. Announces Closing of Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, July 22, 2022 (GLOBE NEWSWIRE) -- Stone Gold Inc. (T
About this update from Copper Road Resources Inc
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, July 22, 2022 (GLOBE NEWSWIRE) -- Stone Gold Inc. (TSX-V: STG) (\"Stone Gold\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Offering\"). The Offering consisted of the sale of an aggregate of 1,575,000 units of the Company (\"Units\") at a price $0.20 per Unit for aggregate gross proceeds of $315,000. Each Unit is comprised of one (1) common share of the Company (a \"Common Share\") and one-half of one (0.5) Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"), with each whole Warrant entitling the holder thereof to acquire one (1) additional Common Share (a \"Warrant Share\") at a price of $0.30 per Warrant Share for a period of twenty-four (24) months following the closing of the Offering. Stone Gold President and CEO John Timmons comments, \"We are pleased to have the continued support of seasoned mining investors such as Northfield Capital and Patrick Sheridan Jr. as we continue to advance the Copper Road Project.\" The proceeds from the issuance of Units will be primarily used for exploration activities at the Company's properties, as well as for general working capital purposes. A certain director of the Company (the \"Insiders\") subscribed to the Offering for an aggregate of 250,000 Units and the participation of the Insider in the Offering 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 Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a), as the fair market value of the Insider's participation is not more than 25% of the Company's market capitalization. The Offering is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange (the \"TSXV\"). The securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws. In connection with the Offering, the Company agreed to pay a cash commission in the aggregate amount of $...