Business
Fairchild Announces Formal Closing of Goodsprings Acquisition and Private Placement Offering
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2024) - Fairchild Gold Corp. (TSXV: FAI...
About this update from Fairchild Gold Corp.
[{"type":"text","content":"Fairchild Announces Formal Closing of Goodsprings Acquisition and Private Placement OfferingVancouver, British Columbia--(Newsfile Corp. - August 30, 2024) - Fairchild Gold Corp. (TSXV: FAIR) (\"Fairchild\" or the \"Company\") announces the anticipated formal closing of the Goodsprings acquisition and a non-brokered private placement to raise gross proceeds of up to $300,000 (the \"Offering\"). Acquisition of Goodsprings Exploration LLCThe Company intends to issue next week a non-convertible senior secured debt of a principal amount of $USD500,000 as consideration to acquire 100% of Goodsprings Exploration LLC, a private Wyoming company which has an exclusive option in 2 phases to earn up to a 90% interest over 8 years in the Copper Chief Project. The Senior Secured Debt shall carry an interest rate of 8%, such interest shall accrue and compound quarterly until September 5, 2027. This transaction, previously announced on June 3, 2024, was formally approved by the TSX Venture Exchange on August 29, 2024. Private Placement OfferingThe placement will consist of up to 10,000,000 units (the \"Units\") 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 $0.10 for a period of thirty-six (36) 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 (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.A finder's fee of up to 8% in cash and 8% in warrants exercisable into Common Shares at $0.10 for a period of 24 months may also be paid. This Offering is subject to TSX Venture Exchange approval. The Company anticipates closing of the Offering next week. Fairchild intends to use the net proceeds of...