Getchell Gold Corp. Announces First Tranche Closing of Non-Brokered Private Placement

About this update from Getchell Gold Corp.

[{"type":"text","content":"Getchell Gold Corp. Announces First Tranche Closing of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 16, 2023) - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (\"Getchell\" or the \"Company\") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement offering (the \"Offering\") by issuing 4,287,500 units (the \"Units\") at a price of $0.20 per Unit for aggregate gross proceeds of $857,500 (the \"First Tranche\"). Each Unit consists of one common share and one-half of one warrant (each whole warrant, a \"Warrant\") of the Company. Each Warrant entitles the holder to acquire one additional common share at a price of $0.35 per share for a period of two years from the date of closing.The proceeds from the Private Placement will be used for exploration and development of the Company's properties and general working capital. In connection with the First Tranche, the Company paid finder's fees in the amount of $11,840, and issued an aggregate of 151,400 finder's shares and 134,900 finder's warrants (the \"Finder's Warrants\"). Each Finder's Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.35 per share for a period of two years from the date of closing.The securities to be issued in connection with the First tranche are subject to a statutory four-month hold period expiring on October 16, 2023, in accordance with applicable securities laws.Two directors of the Company participated in the First Tranche in the amount of $35,000. The transactions with the directors and officers, who are insiders of the Company, constitutes a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemptions under section 5.5(a) and section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the Units issued to the related parties and the consideration paid by the related parties under the First Tranche does not exceed 25% of Company's market capitalization, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transactions at least 21 day...

More updates from Getchell Gold Corp.