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Fremont Announces Amended Private Placement Terms, Sale of Nevada Lithium Assets, and Focus on Armenia
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Fremont Gold Ltd. (TSXV: FRE) (...
About this update from Hayasa Metals Inc.
[{"type":"text","content":"Fremont Announces Amended Private Placement Terms, Sale of Nevada Lithium Assets, and Focus on ArmeniaVancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR20) (OTCQB: FRERF) (\"Fremont\" or the \"Company\") has amended the terms of its previously announced non-brokered private placement (the \"Offering\"). The amended Offering will consist of up to 20,000,000 units (\"Units\") at a price of $0.10 per Unit for gross proceeds of up to $2,000,000. Each Unit will consist of one common share and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of $0.17 per share for a period of 24 months following closing of the Offering.Net proceeds of the Offering will be used for general working capital, to undertake an initial drill campaign at the Company's Vardenis project located in central Armenia, advance the Urasar project and to repay a loan in the amount of $200,000 cash to Dennis Moore (the President and CEO of the Company).Closing of the Offering is subject to the approval of the TSX Venture Exchange. The securities issued pursuant to the Offering will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. All securities issued pursuant to the Offering will be subject to a four-month hold period under Canadian securities laws and the policies of the TSX Venture Exchange, as applicable.Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") the Company advises that the loan repayment to Dennis Moore constitutes a \"related party transaction\" under MI 61-101. The Company is relying on the exemptions from the formal valuation requirements contained in section 5.5(b) of MI 61-101 and the minority shareholder approval requirements contained in section 5.7(1)(a) of MI 61-101, as the Company is not listed on specified markets and the fair market value of the loan repayment to Mr. Moore does not exceed 25% of the Company's market capitalization, as determined in accordance with MI 61-101.Project UpdatesThe Company is pleased to announce it has signed a binding term sheet to se...