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Opus One Gold Announces Closing of Private Placement for Proceeds of $500,000
MONTREAL, March 07, 2023 (GLOBE NEWSWIRE) -- Opus One Gold Corporation (OOR: TSXV) (“Opus One Gold” or the “Company”), is pleased to announce the closing of a n
About this update from Opus One Gold Corporation
[{"type":"text","content":" MONTREAL, March 07, 2023 (GLOBE NEWSWIRE) -- Opus One Gold Corporation (OOR: TSXV) (“Opus One Gold” or the “Company”), is pleased to announce the closing of a non-brokered private placement (the “Offering”) for gross proceeds of $500,000 from the sale of 25,000,000 units of the Company (“PP Units”). Each PP Unit was issued at price per PP Unit of $0.02 and is comprised of one common share of the Company (a “PP Share”) and one common share purchase warrant (a “Warrant”), with each Warrant entitling the holder to acquire one Share at an exercise price of $0.05 per Share for a period of 24 months following the closing of the offering. The Units were offered by way of the “accredited investor” exemption under National Instrument 45-106 – Prospectus Exemptions in all the provinces of Canada. The PP Units, PP Shares and Warrant Shares are subject to a four-month hold period in Canada following the closing of the offering. The Insiders’ participation for $20,000 is exempt from the formal valuation and minority shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation 61-101”) in accordance with Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101. The exemption is based on the fact that neither the fair market value of the private placement, nor the consideration paid by such Insiders exceeds 25% of the market capitalization of the Company. The Offering remains subject to the final approval of the TSX Venture Exchange. The proceeds of the Offering will be used by the Company to advance its Noyell exploration project within Quebec, to consider possible further property acquisitions, and for general administrative purposes, as disclosed in the Company’s news release of February 2, 2023. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release. ABOUT OPUS ONE GOLD CORPORATION Opus One Gold Corporation is a mining exploration company focused on discovering high quality gold and base metals deposits within strategically located properties in proven mining camps, close to existing mines in the Abitibi Greenstone Belt, north-western Quebec and north-eastern Ontario - one of the most prolific gold mini...