Business
Leviathan Gold Announces Satisfaction of Escrow Release Conditions and Release of Proceeds from the upsized $12.9 million Subscription Receipt Financing to Leviathan
Leviathan receives the proceeds from the upsized $12.9 million subscription receipt financing drill permits in place to allow for immediate exploration trading
About this update from Leviathan Metals Corp.
[{"type":"text","content":" Leviathan receives the proceeds from the upsized $12.9 million subscription receipt financing drill permits in place to allow for immediate exploration trading expected to commence February 10, 2021 with symbol LVX VANCOUVER, BC, Feb. 4, 2021 /CNW/ - Leviathan Gold Ltd. (\"Leviathan\") is pleased to announce that further to the press release issued on December 9, 2020 in respect of the upsized subscription receipt financing of $12.9 million (the \"Offering\"), the escrow release conditions under the Offering have been satisfied. The total net proceeds to Leviathan under the Offering, after deducting the commission and expenses of the agents, was $12.1 million, of which $387,000 was released on the closing of the Offering and the remaining net proceeds of the Offering, in the amount of $11.68 million, have now been released to Leviathan. Leviathan is also pleased to announce that it has completed the acquisition of the Avoca and Timor projects from a wholly-owned subsidiary of Fosterville South Exploration Ltd. (\"FSX\") and the \"three cornered\" amalgamation of a wholly-owned subsidiary of Leviathan with Leviathan Gold Finance has been completed. As previously announced on February 1, 2020, Leviathan has received conditional approval from the TSX Venture Exchange (\"TSXV\") to list its common shares on the TSXV under the symbol \"LVX\". Final approval of the listing is subject to Leviathan meeting certain standard requirements of the TSXV. Leviathan expects to satisfy all of the requirements and will make a further announcement once the TSXV has issued a bulletin confirming the date on which trading on the TSXV will commence. Leviathan Gold Chief Executive Officer, Luke Norman, states, \"As I have stated previously, we are all excited with what we have managed to put together; asset, capital and teamwise. We look forward to updating our shareholders in the coming days of our interpretations of the historical workings and their host environment, and how we believe they are merely symptomatic of a very large mineral system that could host multiple deposits analogous to some of the famed orebodies in the region.\" Avoca Project The Avoca project is centred on mesothermal quartz-vein-hosted gold and related placer-style \"deep lead\" gold mineralization. There is a considerable local history of mining both kinds of deposit. T...