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Prestwick Announces Non-Brokered Private Placement in Connection with Proposed Qualifying Transaction to Become Gold Exploration and Development Company
NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTI...
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[{"type":"text","content":"\nPrestwick Announces Non-Brokered Private Placement in Connection with Proposed Qualifying Transaction to Become Gold Exploration and Development CompanyNOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWSCalgary, Alberta--(Newsfile Corp. - July 25, 2024) - Prestwick Capital Corporation Limited (TSXV: PWIK.P) (\"Prestwick\" or the \"Company\") announces a proposed non-brokered private placement of 13,500,000 subscription receipts of the Company (\"Subscription Receipts\") at a price of $0.20 per Subscription Receipt for gross proceeds of $2,700,000 (the \"Private Placement\").The Private Placement is being completed in conjunction with the previously announced proposed \"Qualifying Transaction\" of the Company (the \"Transaction\") pursuant to the policies of the TSX Venture Exchange (the \"Exchange\"), with the result that the Company will acquire an option (the \"Option\") to acquire a 100% undivided interest in and to the mineral claims comprising the Baner gold project located in Idaho County, Idaho, USA (the \"Baner Gold Project\"). Upon completion of the Transaction, the resulting Company is expected to be a Tier 2 mining issuer on the Exchange, with a focus on gold exploration and development. See the Company's July 24, 2024 press release for additional information regarding the Transaction, Option, the Baner Gold Project and the resulting Company upon completion of the Transaction.Each Subscription Receipt will, upon satisfaction of certain escrow release conditions, automatically convert, without any further action or further consideration from the Subscription Receipt holder, into one (1) common share of the Company (each a \"Common Share\").The gross proceeds from the sale of the Subscription Receipts will be held in escrow pending the completion of the Transaction, unless the Exchange grants a waiver for earlier release of such escrow. If the Transaction is not completed, holders of the Subscription Receipts will be entitled to receive the full purchase price of their Subscription Receipts, together with their pro rata share of interest earned thereon.The Private Placement is expected to close in Q3 2024; however, completion is subject to certain conditions, including approval of the Exchange. The Subscription ...