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Fremont Gold Announces Closing of First Tranche of Private Placement and Commencement of Drill Program at Vardenis
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2023) - Fremont Gold Ltd. (TSXV: FRE) ...
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[{"type":"text","content":"Fremont Gold Announces Closing of First Tranche of Private Placement and Commencement of Drill Program at VardenisVancouver, British Columbia--(Newsfile Corp. - October 30, 2023) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR20) (OTCQB: FRERF) (\"Fremont\" or the \"Company\") is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement (the \"Private Placement\") consisting of a total of 11,553,000 units (the \"Units\") at a price of $0.10 per unit for gross proceeds of $1,155,300.Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles 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 Private Placement. The Company intends to use the net proceeds of the Private Placement 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 $100,000 of a loan in the amount of $200,000 cash provided by Dennis Moore (the President and CEO of the Company). 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 in connection with the Private Placement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation and the policies of the TSX Venture Exchange, pursuant to which they may not be sold or transferred until February 28, 2024.The TSX Venture Exchange's final acceptance of the Private Placement is conditional upon the Company satisfying the filing requirements as outlined in TSX Venture Exchange Policy 4.1, 'Private Placements.'Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") the Company advises that certain directors and officers of the Company participated in the Private Placement. This participation, as well as the proposed loan repayment to Dennis Moore constitute \"related party transactions\" under MI 61-101. The Company will be relying on the e...