Business
Zincore, to be Renamed Golden Cross Resources, Completes Upsized Private Placement of Subscription Receipts for Gross Proceeds of $4,680,140
Vancouver, British Columbia--(Newsfile Corp. - March 12, 2025) - Zincore Metals Inc. (TSXV: ZNC.H...
About this update from Golden Cross Resources Inc.
[{"type":"text","content":"Zincore, to be Renamed Golden Cross Resources, Completes Upsized Private Placement of Subscription Receipts for Gross Proceeds of $4,680,140Vancouver, British Columbia--(Newsfile Corp. - March 12, 2025) - Zincore Metals Inc. (TSXV: ZNC.H) (the \"Company\") is pleased to announce that it has completed its upsized non-brokered private placement of 31,200,930 subscription receipts of the Company (the \"Subscription Receipts\") at a price of $0.15 per Subscription Receipt for aggregate gross proceeds of $4,680,139.55 (the \"Financing\").The Financing was completed in connection with the Company's proposed acquisition of the Reedy Creek and Providence gold projects in Victoria, Australia (collectively, the \"Project\") from Great Pacific Gold Corp. (the \"Vendor\"). As previously announced, the Company entered into a share purchase agreement dated effective December 3, 2024 among the Company, the Vendor and 1513609 B.C. Ltd., a wholly-owned subsidiary of the Vendor (\"BC Subco\"), pursuant to which, subject to regulatory approval, the Company will acquire 100% of the issued and outstanding shares of BC Subco (the \"Proposed Transaction\"), which will hold, through an Australian subsidiary, a 100% interest in and to the Project. On or prior to the closing of the Proposed Transaction, the Company will complete a consolidation (the \"Consolidation\") of its issued and outstanding common shares (the pre-Consolidation common shares in the authorized structure of the Company being referred to as, the \"Common Shares\") on the basis of one (1) new common share in the authorized structure of the Company (the \"Post-Consolidation Common Shares\") for each 2.5 old Common Shares. It is also anticipated that concurrent with the completion of the Proposed Transaction the Company will change its name to \"Golden Cross Resources Inc.\" (the \"Name Change\").The proceeds of the Financing have been placed into escrow pending closing of the Proposed Transaction. Upon satisfaction of certain release conditions, which include the completion of the Proposed Transaction, each Subscription Receipt will be deemed to be exercised, without payment of any additional consideration and without further action on the part of the holder thereof, for one (1) Post-Consolidation Common Share, and the escrowed subscription funds will be released to the Company. Should ...