Business
GoldON Increases Private Placement Financing
Flow-Through proceeds will be used for winter exploration drilling at the 100%-owned McDonough Go...
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"GoldON Increases Private Placement FinancingFlow-Through proceeds will be used for winter exploration drilling at the 100%-owned McDonough Gold Property in Red Lake, OntarioVictoria, British Columbia--(Newsfile Corp. - December 21, 2022) - GoldON Resources Ltd. (TSXV: GLD) (\"GoldON\" or the \"Company\") is pleased to announce an increase in the non-brokered private placement financing previously announced on December 14, 2022, from up to $400,000 to $529,000 in gross proceeds (the \"Offering\").The Offering will now consist of 3,041,668 flow-through units (\"FT Units\") and 1,640,000 non-flow-through units (the \"NFT Units\"). The FT Units are priced at $0.12 and consist of one flow-through share and one non-transferable share purchase warrant that will entitle the holder to purchase one common share of the Company at $0.20 for twelve (12) months from the closing date of the Offering. The NFT Units are priced at $0.10 and consist of one common share and one non-transferable share purchase warrant that will entitle the holder to purchase one additional common share of the Company at $0.20 per share for twenty-four (24) months from the closing date of the Offering. The Company has agreed to pay a finder's fee of up to 6% cash and 6% finders' warrants on a portion of the Offering proceeds. Finders' warrants associated with the FT Units will entitle the holder to purchase one common share of the Company at $0.20 for twelve months from the closing date. Finders' warrants associated with the NFT Units will entitle the holder to purchase one common share of the Company at $0.20 for twenty-four months from the closing date. All securities issued pursuant to this Offering will have a hold period expiring four months after the closing date.The Company will use the proceeds of the Offering to fund its initial drilling program at the 100%-owned McDonough Gold Property and for general working capital purposes. The Company will rely on subsections 5.5(b) and 5.7(1)(a) of Multilateral Instrument 61-101 to exempt the offering from the requirements for a formal valuation and minority shareholder approval. To the Company's knowledge, neither it nor the purchasers have knowledge of any material information concerning the Company or its securities that has not been generally disclosed.Completion of this Offering is subject to TSX Venture Exchange ...