Business
Getchell Gold Corp. Closes Oversubscribed Non-Brokered Private Placement and Prepares to Commence the 2021 Drill Campaign
Toronto, Ontario--(Newsfile Corp. - May 18, 2021) - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") is pleased to announce that due
About this update from Getchell Gold Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - May 18, 2021) - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (\"Getchell\" or the \"Company\") is pleased to announce that due to the high demand, the Company has closed its previously announced non-brokered private placement oversubscribed by $1.1 million. The Company issued 6,022,500 units (each a \"Unit\") at a price of $0.45 per Unit for aggregate gross proceeds of $2,710,125 (the \"Private Placement\"). The proceeds from the Private Placement will be used for exploration and development of the Company's Nevada properties and general working capital. The proceeds will primarily be directed towards the forthcoming drill programs at the Fondaway Canyon Gold and the Star Copper-Gold-Silver projects. The technical team is making final preparations and is planning to mobilize to site next week, the week of May 24th. The 2021 drill campaign will be initiated at Fondaway and after a series of holes are completed, will mobilize for the maiden drill program at the Star Copper-Gold-Silver project. The Company will provide notification upon the commencement of drilling and intends to provide further details of the Fondaway Phase 1 drill program at that time. The Company will also provide updates, especially in relation to the sequence of drilling, as the program progresses. 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 $0.65 per share for a period of two years from the date of closing. In connection with the Private Placement, the Company has agreed to pay finder's fees consisting of an aggregate of $86,875 in cash, 100,000 common shares and 293,055 non-transferable finder's warrants (the \"Finder's Warrants\"). Each Finder's Warrant entitles the holder to acquire one common share at a price of $0.65 per share for a period of two years from the date of closing. The securities issued in connection with the Private Placement are subject to a statutory four month hold period expiring on September 15, 2021, in accordance with applicable securities laws. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration...