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Gladiator Metals Corp. Announces Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 14, 2023) - Gladiator Metals Corp. (TSXV: ...
About this update from Gladiator Metals Corp
[{"type":"text","content":"Gladiator Metals Corp. Announces Closing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 14, 2023) - Gladiator Metals Corp. (TSXV: GLAD) (\"Gladiator\" or the \"Company\"), a mineral exploration company focused on the advancement of multiple high-grade copper prospects in Canada's Whitehorse Copper Belt, announces that it has completed its non-brokered private placement of 3,400,000 flow through shares at a price of $0.37 (the \"FT Shares\") and 5,262,855 units at a price of $0.35 (the \"Units\") for gross proceeds of $3,100,000 (the \"Offering\").Each Unit is comprised of one common share (a \"Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will be exercisable at a price of $0.55 into one common share for a period of 18 months from the date of issuance.Gladiator intends to use the net proceeds of the Offering for exploration at the Company's Whitehorse Copper Project in the Yukon and for general working capital purposes.The Company did not pay any finders fees under the Offering. All securities issued or issuable under the Offering are subject to a four-month hold period expiring on July 15, 2023 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.Closing of this Offering is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.The FT Shares will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\"). An amount equal to the gross proceeds from the issuance of the FT Shares will be used to incur eligible resource exploration expenses which will qualify as (i) \"Canadian exploration expenses\" (as defined in the Tax Act), and (ii) as \"flow-through critical mineral mining expenditures\" (as defined in subsection 127(9) of the Tax Act) (collectively, the \"Qualifying Expenditures\"). Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2024 and will be renounced by the Company to the initial purchasers of the FT Shares with an effective date no later than December 31, 2023.Members of the Company's management team ...