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Lode Gold Closes Second Tranche of Private Placement for Total Oversubscribed Financing of $2.08 Million
Toronto, Ontario--(Newsfile Corp. - March 18, 2024) - Lode Gold Resources Inc. (TSXV: LOD) (OTCQ...
About this update from Lode Gold Resources Inc
[{"type":"text","content":"Lode Gold Closes Second Tranche of Private Placement for Total Oversubscribed Financing of $2.08 MillionToronto, Ontario--(Newsfile Corp. - March 18, 2024) - Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) (\"Lode Gold\" or the \"Company\" and formerly Stratabound Minerals) announces the closing on March 18, 2024 of $656,721.70 (26,268,868 units) of its non-brokered private placement (\"Private Placement\") announced on January 3, 2024. Each unit consists of one common share and one common share purchase warrant issued at a price of CDN $0.025 per unit. Each common share purchase warrant will entitle the holder thereof to purchase an additional one common share of the Company at $0.05 (Canadian) per share for a period of 24 months from the closing date. The Company may accelerate the expiry date if the shares trade at $0.30 or more for a period of 10 days, including days where no trading occurs. This closing is subject to receipt of final approval from the TSX Venture Exchange. The Company closed the first tranche of $1,422,902.50 (56,916,100 units) on March 5, 2024. Total amount raised was $2,079,624.20 (83,184,968 units). Finders' fees of $9,800 and 392,000 broker warrants on the same terms were issued to qualified finders. Securities issued pursuant to this final tranche are subject to trading restrictions until July 18, 2024.Insiders of the Company subscribed for an aggregate of 44,516,100 common shares of the Company. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.The proceeds raised from the offering will go towards high resolution magnetics and drill targeting the Company's McIntyre Brook property (New Brunswick), data review and targeting to leverage a new RIRGS exploration model at Golden Culvert and Win projects (Southern Tombstone Gold Belt, Yukon), and drill target generation testing a large, high-grade conceptual model at its Fremont Gold project (Mother Lode Gold Belt, California).Wendy T. Chan, CEO of Lode Gold comments, \"Late last year, we devised a turnaround plan for the Company. The strategy was well received by key shareholders with unanimous endorsement from the Board. We are on track in executing our plans.\"Hashim Ahmed, Chairman of Lode...