Business
Gold Springs Resource Announces Closing of Additional US$300,000 Tranche of Secured Rights
VANCOUVER, BC / ACCESSWIRE / February 9, 2023 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCA...
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"Gold Springs Resource Announces Closing of Additional US$300,000 Tranche of Secured RightsVANCOUVER, BC / ACCESSWIRE / February 9, 2023 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the \"Company\" or \"GRC\") is pleased to announce the closing on February 8, 2023 of an additional tranche (the \"Additional Tranche\") of its previously announced non-brokered private placement offering of secured rights (the \"Offering\"). The Additional Tranche closing was for a total of US$300,000 Series A Secured Rights of the Company (the \"Series A Secured Rights\") and the investors in the Additional Tranche were also issued 300,000 common share purchase warrants (\"Warrants\"), with each Warrant entitling the holder to purchase one common share of the Company for a period of two years from the closing date of the Additional Tranche at a price of CAD$0.13 per share. To date, the Company has raised an aggregate of US$3,300,000 pursuant to the Offering.The proceeds from the Offering will be used to fund the Company's ongoing comprehensive exploration program (the \"Resource Expansion Program\") at the Company's Gold Springs Project, located on the border of Nevada and Utah, USA (the \"Gold Springs Project\" or \"Project\"), which program has already commenced. The Resource Expansion Program is designed to significantly expand the Project's gold and silver resources, by drilling its numerous targets, and will also include the completion of an environmental impact statement and the mine-permitting process, a pre-feasibility study supporting the expanded mineral resource estimate, and extensive metallurgical test work. The Company is to incur expenses in the Resource Expansion Program in an amount equal to no less than 95% of the amount of the gross proceeds of the Offering. If the Company's drilling results are successful at supporting at least a 3 million gold-equivalent (gold and silver) ounce mineral resource estimate, the Company would turn its focus to selling the Gold Springs Project to a third party (an \"Exit Transaction\").For further details on the terms of the Series A Secured Rights, please refer to the Company's news release dated April 20, 2021, which is available on SEDAR at www.sedar.com.The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and m...