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Gladiator Metals Announces Brokered Private Placement of up to $7 Million
VANCOUVER, British Columbia, June 08, 2023 (GLOBE NEWSWIRE) -- Gladiator Metals Corp. (TSXV: GLAD / OTC: GDTRF / FSE: ZX7) (“Gladiator” or the “Company”), is pl
About this update from Gladiator Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, June 08, 2023 (GLOBE NEWSWIRE) -- Gladiator Metals Corp. (TSXV: GLAD / OTC: GDTRF / FSE: ZX7) (“Gladiator” or the “Company”), is pleased to announce that it has entered into an agreement with Research Capital Corporation as the lead agent and sole bookrunner (“Lead Agent”), on behalf of a syndicate of agents, including Beacon Securities Limited (together with the Lead Agent, the “Agents”), in connection with a “best-efforts” brokered private placement offering of a combination of the following securities (the “Offered Securities”) for aggregate gross proceeds of up to $7,000,000 (the “Offering”): (i) units of the Company (each, a “Unit”) at a price of $0.55 per Unit. Each comprised of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”); and (ii) flow-through units of the Company to be sold to charitable purchasers (the “Charity FT Units”) at a price of $0.7975 per Charity FT Unit. Each Charity FT Unit will consist of one Common Share that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Tax Act that will be issued as part of a charity arrangement and one-half of one Warrant. Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.90, for a period of 24 months following the Closing Date (as defined below). The Company will grant the Agents an option (the “Agents’ Option”) to increase the size of the Offering by up to an additional 15% in aggregate gross proceeds of Units. The Agents’ Option may be exercised in whole or in part at any time up to 48 hours prior to the Closing Date. The net proceeds from the sale of Units will be used for the Company’s ongoing exploration drilling program, working capital requirements and other general corporate purposes. The gross proceeds from the sale of Charity FT Units will be used for exploration expenses on the Company’s Whitehorse Copper project, located in Yukon, Canada. The gross proceeds from the issuance of the Charity FT Units will be used for “Canadian Exploration Expenses” within the meaning of the Tax Act (the “Qualifying Expenditures”), which will be incurred on or before December 31, 2024 and renounced with an effective da...