Business
Montage Gold Announces Upsize to Private Placement of Common Shares
VANCOUVER, BC, March 29, 2023 /CNW/ - Montage Gold Corp. ("Montage" or the "Company") (TSXV: MAU) is pleased to announce that due to significant demand, it has
About this update from Montage Gold Corp.
[{"type":"text","content":" VANCOUVER, BC, March 29, 2023 /CNW/ - Montage Gold Corp. (\"Montage\" or the \"Company\") (TSXV: MAU) is pleased to announce that due to significant demand, it has entered into an agreement with Canaccord Genuity Corp., as lead underwriter, on behalf of a syndicate of underwriters (collectively, the \"Underwriters\"), to upsize its previously announced \"bought deal\" private placement of common shares of the Company (the \"Offered Shares\") to 23,428,600 Offered Shares at a price of $0.70 per Offered Share for gross proceeds of $16.4 million (the \"Offering\"). The net proceeds from the issue of the Offered Shares is intended to be used for the Company's ongoing exploration and drilling program at the Koné Gold Project, including the advancement of an updated mineral resource estimate and for work related to an updated feasibility study, and for working capital and general corporate purposes, as further described in the Offering Document (as defined below). The Offering is expected to close on or about April 12, 2023, or such other date as the Company and the Underwriters may agree, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance of the TSX Venture Exchange. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (\"NI 45-106\"), it is contemplated that: (i) 14,285,700 Offered Shares will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the \"Listed Issuer Financing Exemption\"); and (ii) 9,142,900 Offered Shares will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to other prospectus exemptions under NI 45-106. The Offered Shares issued to Canadian resident subscribers pursuant to the Listed Issuer Financing Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws. The Offered Shares issued to Canadian resident subscribers pursuant to prospectus exemptions under NI 45-106 other than the Listed Issuer Financing Exemption will be subject to a restricted hold period that will expire four months and one day after the closing o...