Fairchild Announces Closing of the First Tranche of a Private Placement Offering

About this update from Fairchild Gold Corp.

[{"type":"text","content":"Fairchild Announces Closing of the First Tranche of a Private Placement OfferingVancouver, British Columbia--(Newsfile Corp. - October 17, 2024) - Fairchild Gold Corp. (TSXV: FAIR) (\"Fairchild\" or the \"Company\") announces the first tranche closing of a non-brokered private placement for gross proceeds of $319,080 on October 16, 2024 (the \"Offering\"). In connection with the closing of the Offering, the Company issued 5,318,000 units (the \"Units\") at a price of $0.06 per Unit with each Unit comprising one common share (a \"Common Share\") in the capital of the Company and one common share purchase warrant (a \"Warrant\"), whereby each whole Warrant shall be convertible into an additional Common Share at an exercise price of $0.15 for a period of sixty (60) months from the date of issuance. The Warrants include an acceleration clause to the effect that if the daily volume weighted average closing price of the common shares on the TSX Venture Exchange is at least $0.50 per Common Share for a period of five (5) consecutive trading days, 12 months after the closing date of the Private Placement (the \"Triggering Event\"), the Company may, within 5 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 10 calendar days after the date on which such notice is given by the Company announcing the Triggering Event.Fairchild intends to use the net proceeds of the Offering to kickstart the exploration at the Company's newly acquired Copper Chief Project in Nevada, USA as well as general working capital purposes. The Company anticipates closing additional tranches of the Offering up to a cumulative total inclusive of this first tranche of $900.000. The Company did not pay any finder's fees in connection with the first tranche closing.The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance.The Offering remains subject to final approval of the TSX Venture Exchange. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States abse...

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