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Golden Ridge Resources Announces Increase to Previously Announced Financing to $2,150,000
(via TheNewswire) TheNewswire - July 8, 2020 - GOLDEN RIDGE RESOURCES LTD. (TSX...
About this update from Golden Ridge Resources Ltd.
[{"type":"text","content":"Golden Ridge Resources Announces Increase to Previously Announced Financing to $2,150,000(via TheNewswire)\n \n \nTheNewswire - July 8, 2020 - GOLDEN RIDGE RESOURCES LTD. (TSXV:GLDN) (\"Golden Ridge\" or the \"Company\") is announces it has increased its previously announced financing (see news release of July 2, 2020) and will now undertake to complete a non-brokered private placement for up to 14,333,333 units (a \"Unit\") of the Company at a price of $0.15 per unit for gross proceeds of up to $2,150,000 (the \"Offering\").\n\n \n \nEach Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.25 per share for a period of 24 months from closing (the \"Closing Date\"). \n\n \n \nThe Company may pay finders' fees of 5% in cash and finders warrants (\"Finder Warrant\"). Each Finder Warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.25 per share on the same terms as the Warrants.\n\n \n \nThe Offering remains subject to the approval of the Exchange. The proceeds of the Offering will be used for exploration activities on its Canadian properties and working capital respectively. All securities issued pursuant to the Offering will be subject to a statutory four month and one day hold period from the Closing Date under applicable securities laws. \n\n\n \nTo demonstrate continued support of the Company's growth plans, insiders of the Company, including certain directors and officers, are expected to participate in the Private Placement. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the Private Placement nor the consideration to be paid by the insiders will exceed 25% of the Company's market capitalization. \n\n \n \nThe Units have not been, ...