Business
Japan Gold Announces Strategic Financing with Goldcorp Inc. and RCF Opportunities Fund L.P.
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2018) - Japan Gold Corp. (TSXV: JG...
About this update from Japan Gold Corp
[{"type":"text","content":"Japan Gold Announces Strategic Financing with Goldcorp Inc. and RCF Opportunities Fund L.P.Vancouver, British Columbia--(Newsfile Corp. - December 12, 2018) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) (\"Japan Gold\" or the \"Company\") is pleased to announce that it intends to raise approximately $6.65 million (the \"Offering\") through the issuance of 44,333,334 common shares (each a \"Share\") at a price of $0.15 per Share (the \"Issue Price\") by way of a private placement to certain strategic investors, including Goldcorp Inc. (TSX: G) (NYSE: GG) (\"Goldcorp\") and RCF Opportunities Fund L.P. (\"RCF Opps\"). As part of the Offering, Goldcorp has agreed to subscribe for 22,602,634 Shares of the Company and RCF Opps has agreed to subscribe for 10,000,000 Shares of the Company, representing 19.9% and 8.8% of the issued and outstanding common shares of Japan Gold, respectively, upon completion of the Offering.Southern Arc Minerals Inc. (\"Southern Arc\") has additionally agreed to purchase 10,000,000 Shares under the Offering. Concurrently with closing of the Offering, Southern Arc intends to effect a private sale (the \"Trade\") of 10,000,000 Shares that it currently owns to funds managed by a global investment manager. Southern Arc has concurrently filed a Notice of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 - Resale of Securities (\"NI 45-102\") in order to permit it to effect the Trade upon expiry of the requisite seven-day notice period under NI 45-102. Following the Trade, if consummated, there will be no change in the total number of Shares of the Company held by Southern Arc, which will then represent a 31.9% ownership position in Japan Gold, and the funds acquiring such Shares will acquire freely-tradable shares.Certain insiders of the Company have also agreed to participate in the Offering on the terms described above. The Offering is expected to close on or about December 20, 2018.John Proust, Chairman & CEO of Japan Gold, commented: \"We are very pleased to welcome Goldcorp, among the world's largest gold producers, and RCF Opportunities Fund L.P., managed by a pre-eminent mining-focused private equity fund manager, as flagship significant shareholders of the Company as we continue to unlock the mineral potential of Japan. This financing allows us to advance exploration o...