Business
Japan Gold closes oversubscribed $7.14 million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2019) - Japan Gold Corp. (TSXV: JG...
About this update from Japan Gold Corp
[{"type":"text","content":"Japan Gold closes oversubscribed $7.14 million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - August 22, 2019) - Japan Gold Corp. (TSXV: JG) (OTCQB: JGLDF) (the \"Company\") is pleased to report that it has closed the previously announced non-brokered private placement which was increased from $5.0 million to $7.14 million (the \"Private Placement\") due to substantial investor interest. The Company issued a total of 26,448,763 units of the Company (\"Units\") at a price of $0.27. As part of the placement, RCF Opportunities Fund L.P. subscribed for 2,328,500 Units, maintaining its ownership interest in the Company, Donald Smith Value Fund, L.P. subscribed for 9,562,037 Units and Libra Advisors LLC subscribed for 4,850,000 Units.Each Unit consisted of one common share (\"Common Share\") of the Company and one-half of a transferable common share purchase warrant (\"Warrant\"). Each whole Warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.42 per common share for a period of 24 months from closing. The Company may require holders to exercise Warrants if the closing price of the Common Shares is equal to or greater than $0.84 for a period of 10 consecutive trading days. John Proust, Chairman & CEO of Japan Gold, commented: \"We are very pleased by the demand for the financing, and are especially delighted to welcome such prominent funds as Donald Smith Value Fund, L.P. and Libra Advisors LLC, in addition to the continuing confidence and support demonstrated by RCF Opportunities Fund L.P. in maintaining their pro rata share in the Company. The recent addition of key applications in Hokkaido and Kyushu cements Japan Gold's foothold in the most prospective epithermal gold regions in Japan hosting known historic workings. The financing is another significant milestone for the Company as it continues to advance its prospects in Japan and create real shareholder value.\"Proceeds of the Private Placement will be used primarily for the Company's exploration activities and for general working capital purposes. The Units issued pursuant to the Offering are subject to a statutory hold period of four months and one day in accordance with applicable securities laws.Southern Arc Minerals Inc. (\"Southern Arc\") purchased 1,648,200 Units under the Private Placeme...