Business
Getchell Gold Corp. Closes Second Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2023) - Getchell Gold Corp. (CSE: GTCH) ...
About this update from Getchell Gold Corp.
[{"type":"text","content":"Getchell Gold Corp. Closes Second Tranche of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 14, 2023) - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (\"Getchell\" or the \"Company\") is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement offering (the \"Offering\") by issuing 638,000 units (the \"Units\") at a price of $0.20 per Unit for aggregate gross proceeds of $127,600 (the \"Second Tranche\"). Together with the first tranche of the Offering, the Company issued an aggregate of 4,925,500 Units for gross proceeds of $985,100.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 Second Tranche, the Company paid finder's fees in the amount of $4,800 and issued an aggregate of 24,000 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 Second Tranche are subject to a statutory four-month hold period expiring on November 15, 2023, in accordance with applicable securities laws.One officer of the Company participated in the Second Tranche in the amount of $27,600. The transaction with the officer, who is an insider 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 party and the consideration paid by the related party under the Second 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 ...