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K2 Gold Announces $1.2 Million Flow-Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 27, 2023) - K2 Gold Corp.  (TSXV: ...
About this update from K2 Gold Corporation
[{"type":"text","content":"K2 Gold Announces $1.2 Million Flow-Through Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 27, 2023) - K2 Gold Corp. (TSXV: KTO) (FSE: 23K) (OTCQB: KTGDF) (\"K2\" or the \"Company\") announces a non-brokered private placement to raise gross proceeds of up to C$1,200,000 consisting of National charity flow-through shares (the \"Charity FT Shares\") offered at a price of $0.16 per Charity FT share.K2 intends to use the gross proceeds of the Offering for a reverse circulation drill program at the Company's Wels Gold Project in Yukon, anticipated to begin at the beginning of September. The Offering is expected to close on or about August 15, 2023, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange.The Company may pay finders' fees under the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The securities issued under the Offering will be subject to a hold period under applicable securities laws in Canada expiring four months and one day from the closing date of the Offering.The Charity FT Shares will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\")). An amount equal to the gross proceeds from the issuance of the Charity FT Shares will be used to incur eligible resource exploration expenses which will qualify as (i) \"Canadian exploration expenses\" (as defined in the Tax Act). Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the Charity FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2024 and will be renounced by the Company to the initial purchasers of the Charity FT Shares with an effective date no later than December 31, 2023.Members of the Company's management team may participate in the Offering including subscriptions from related parties of the Company as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The participation of management in the Offering is exempt from formal valuation and minority shareholder approval requirements pursuant to exemptions con...