Business
Falcon Announces Amendment to Private Placement Financing & Change to Management
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2019) - FALCON GOLD CORP. (TSXV: FG)...
About this update from Falcon Gold Corp.
[{"type":"text","content":"Falcon Announces Amendment to Private Placement Financing & Change to ManagementVancouver, British Columbia--(Newsfile Corp. - June 12, 2019) - FALCON GOLD CORP. (TSXV: FG) (\"Falcon\" or the \"Company\") announces that it has amended its previously announced, discretionary waiver private placement and subject to TSX Venture Exchange acceptance, will proceed with a private placement for up to $500,000 priced at $0.025 per common share Unit. Each Unit will consist of one Falcon common share (\"Share\") and one share purchase warrant. Each Warrant shall have a term of 24 months commencing on the Closing Date and shall entitle the holder to purchase a Share at a price of $0.05 per share during the term of the Warrant. The previously announced private placement of units and flow through shares has been cancelled. (news release dated: May 6, 2019)Proceeds from the Unit financing shall be used by the Company as follows: Ontario Gold and Copper Properties Surface Exploration and Diamond Drilling - $282,425; Argentine gold/copper property exploration and concessions payment - $68,400; rent - $14,400; office overhead - $7,500; administration - $24,000; legal, audit and accounting - $22,500; Ontario properties fees and payments - $38,000; First Nations consultations - $7,000; Offering expenses and investor communications - $12,000; regulatory filing fees- $8,850; and working capital - $14,925.The Company contemplates that various exemptions will be utilized pursuant to this financing. It may rely upon the suitability advice exemption (B.C. Instrument 45-536) as well as the existing shareholder exemption (CSA notice 45-313) which allows for an investment of up to $15,000 (from a non-accredited investor) within any 12-month period. There is no material fact or material change that has not been generally disclosed. Closing will be subject to TSX Exchange approval and any shares issued will be subject to a four-month hold period.Management ChangesThe Company wishes to report that, Mr. Stephen Wilkinson, will be retiring as Falcon's CEO and director effective June 30, 2019. Mr. Wilkinson has headed the Company since October 2014 and intends to remain actively involved in Falcon's affairs in the capacity of Advisor to the Board.Mr. Karim Rayani, who has been a Strategic Advisor to Falcon since May 2018, will be assuming the role of CEO and dire...