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Goldshore Announces New Strategic Partner and Non-Brokered Private Placement of $3.75 Million to Fully Fund Development Through 2025
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2023) - Goldshore Resources Inc. (TSX...
About this update from Gold X2 Mining Inc.
[{"type":"text","content":"Goldshore Announces New Strategic Partner and Non-Brokered Private Placement of $3.75 Million to Fully Fund Development Through 2025Vancouver, British Columbia--(Newsfile Corp. - November 2, 2023) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (\"Goldshore\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Private Placement\"), for aggregate gross proceeds of $3,750,000. In connection with Private Placement, the Company will issue the following securities (the \"Offered Securities\"):(i) 37,500,000 units of the Company (\"Units\") at a price of $0.10 per Unit. Each Unit consists of one common share (each, a \"Common Share\") and one common share purchase warrant (each whole warrant, a \"Warrant\"); and(ii) Each Warrant will entitle the holder thereof to purchase one Common Share (a \"Warrant Share\") at an exercise price of $0.13 per Warrant Share for thirty-six (36) months from the date of closing.Fully Funded Through 2025 The net proceeds from the Private Placement will be used to continue to advance the Moss Gold Project through development of a new resource model and a new mineral resource estimation (\"MRE\"); in addition to continuing the engineering and metallurgical studies being done on various leach methodologies (including heap leach) and ultimately factoring this new information into a preliminary economic assessment (\"PEA\"). With 80,000 meters of drilling completed and $48 million spent directly in the ground defining the current MRE; Goldshore is well positioned to achieve meaningful project milestones over the next 24 months with minimal cash expenditures and within the net proceeds and current cash balances of the Company. Strategic Partnership The Company announces that it has engaged with a strategic natural resources private capital group (the \"Strategic Advisor\") participating, in aggregate, in the Private Placement for $3,000,000 or 30,000,000 Units, with a long-term financial commitment to unlocking the value of the Moss Gold Project and delivering increased return to all stakeholders. Board ChangesThe Company also announces that Michael Michaud has stepped down from the Board as an appointee of Wesdome Gold Mines Ltd. (\"Wesdome\"). Wesdome has advised that it does not intend to nominate a replacement at this time. Kyle Hickey will be appointed to t...