Business
Northstar Gold Corp. Closes Second Tranche of $500,000 Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 14, 2023) - Northstar Gold Corp. (CSE: ...
About this update from Northstar Gold Corp. Class A
[{"type":"text","content":"Northstar Gold Corp. Closes Second Tranche of $500,000 Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 14, 2023) - Northstar Gold Corp. (CSE: NSG) (\"Northstar\" or the \"Company\"), announces the Company has closed the second tranche of its previously announced non-brokered private placement (the \"Offering\") of units (\"Units\"). The second tranche consisted of 3,913,181 Units for a total of $215,225. This is in addition to a first tranche gross proceeds close of $219,450 previously announced on August 30, 2023. A total of $434,675 has been raised in both tranches. Northstar has since received additional orders to close a third tranche in the near term. The Units were priced at $0.055 and comprised of one common share of the Company and one share purchase warrant. Each full Warrant is exercisable into one additional common share of the Company at an exercise price of C$0.075 for a period of 24 months. The Company paid a total of $3,975 cash in finder fees associated with the Offering and issued 72,273 finder warrants at an exercise price of $0.075 expiring 24 months from the closing date of the Offering. All securities issued under the Offering are subject to a statutory four month hold period from the closing date under applicable Canadian securities laws.The gross proceeds from this private placement will be used primarily to fund Critical Minerals exploration at the historic high-grade Cam Copper Mine on the 100%-owned Miller Gold Property. Proceeds will also provide for LIDAR and MMI soil surveys on the Company's 100%-owned Rosegrove Property, targeting Critical Minerals and alkaline intrusion-hosted gold mineralization, and for general working capital purposes. The participation of one director in the Offering constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and the policies of the CSE. The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that, at the time the Offering was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it invol...