Business
Getchell Gold Corp. Completes Final Tranche of Financing for a Total of $1.15M and Renews Nevada Property Lease
Toronto, Ontario--(Newsfile Corp. - July 15, 2019) - Getchell Gold Corp. (CSE: GTCH) ("Getchell Gold" or the "Company"), is pleased to report that it has closed
About this update from Getchell Gold Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - July 15, 2019) - Getchell Gold Corp. (CSE: GTCH) (\"Getchell Gold\" or the \"Company\"), is pleased to report that it has closed the final tranche of a private placement financing announced on March 18, 2019 (\"Financing\") and has also renewed the Star mining lease in Nevada. Final Tranche of Financing In connection with the final tranche of the Financing, Getchell Gold has issued 2,453,333 Units at $0.15 per Unit (the \"Units\") for gross proceeds of $368,000. The Company closed the first tranche in May of 2019 for gross proceeds of $785,409 (see press releases dated May 21, 2019 and June 6, 2019). The net proceeds of the Financing will be used for exploration of the Hot Springs Peak project as well as exploration of its other Nevada projects, property payments and for general working capital. Each Unit consists of one common share (a \"Share\") and one-half non-transferable share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to acquire an additional common share at a price of $0.25 per share until July 12, 2021, subject to an accelerated exercise provision that if over a period of five (5) consecutive trading days between the date that is four months following the closing date and the expiry of the Warrants, the closing price of the common shares of the Issuer exceeds $0.25, the Company may, within 30 days of such an occurrence, give written notice (via news release) to the holders of the Warrants that the Warrants will expire at 5:00 p.m. (Eastern time) on the 30th day following the giving of notice (the \"Accelerated Exercise Period\") unless exercised by the holders prior to such date. Any Warrants which remain unexercised at the end of the Accelerated Exercise Period will automatically expire at that time. In connection with the final tranche, the Company also issued 134,222 Compensation Options (each a \"Compensation Option\") and paid an aggregate of $34,833 to qualified finders. Each Compensation Option is exercisable to acquire one common share at $0.15 per Unit until July 12, 2024 and one-half of a non-transferable share purchase warrant. Each whole warrant entitles the holder to acquire one common share at $0.25 per share until July 12, 2021. All securities issued pursuant to the private placement are subject to a four month and one day ho...