Business
Getchell Gold Corp. Closes Financing Oversubscribed and Commences Geophysical Survey at Star Point Ahead of Schedule
Toronto, Ontario--(Newsfile Corp. - September 29, 2020) - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") a leading Nevada focused
About this update from Getchell Gold Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - September 29, 2020) - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (\"Getchell\" or the \"Company\") a leading Nevada focused Gold and Copper exploration company is pleased to announce it has closed its previously disclosed $1 million non-brokered private placement oversubscribed. The Company also wishes to announce that the Induced Polarization (\"IP\") geophysical survey at the Star Point Gold-Silver-Copper Project in Pershing County, Nevada, has commenced three weeks earlier than scheduled. Key Highlights Financing oversubscribed with gross proceeds of $1,129,000 received. Financing improves Company's solid financial position to pursue its objectives. IP survey to refine drill targets at Star Point and Star South has commenced and will take at least 4 weeks to complete the field component, processing, interpretation, and reporting. Drilling planned for the first half of 2021 at Star Point and Star South. Financing The financing announced September 14, 2020, has been completed with the receipt of aggregate gross proceeds of $1,129,000 in exchange for the issuance of 2,822,500 units (each a \"Unit\") at a price of $0.40 per Unit for (the \"Private Placement\"). \"The injection of these funds certainly shores up Getchell's financial position and places the Company in a stronger stead to pursue its objectives,\" states Mike Sieb, President, Getchell Gold Corp., and, \"The high demand for and prompt closing of the financing is an affirming reflection on the positive outlook for the gold market, the quality of the Company's assets and the opportunity that awaits to be realized.\" 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 $0.60 per share for a period of two years from the date of issuance. The proceeds from the Private Placement will be used for exploration work on the Company's properties and for general working capital. In connection with the Private Placement, the Company has agreed to pay finder's fees consisting of an aggregate of $95,000 in cash, 188,000 non-transferable compensation options (the \"Compensation Options\") and 54,500 non-transferable finder's warrants (the \"Finder's Warrants\"). Each Compensation Option is exerc...