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Opus One Gold Flow-Through Private Placement of Up To $200,000
MONTREAL, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Opus One Gold Corp. (OOR : TSXV) (“Opus One Gold” or the “Company”), is pleased to announce a non-brokered private p
About this update from Opus One Gold Corporation
[{"type":"text","content":" MONTREAL, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Opus One Gold Corp. (OOR : TSXV) (“Opus One Gold” or the “Company”), is pleased to announce a non-brokered private placement (the “Offering”) for gross proceeds of up to C$200,000 from the sale of flow-through units of the Company (“FT Units”). Each FT Unit shall be issued at price per FT Unit of $0.02 and shall be comprised of one flow-through common share of the Company (a “FT Share”) and one-half of one non-flow-through 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. Each FT Share will be issued as a “flow-through share”, as such term is defined in the Income Tax Act (Canada). The Units will be offered by way of the “accredited investor” exemption under National Instrument 45-106 – Prospectus Exemptions in all the provinces of Canada. The FT Units, Shares and Warrant Shares will be subject to a four-month hold period in Canada following the closing of the offering. In accordance with TSX Venture Exchange policies, the Company is relying on a minimum price exception in order to issue securities at less than $0.05 per listed security. As such, the Company will not issue more than 100% of its issued and outstanding Shares pursuant to the offering. The gross proceeds from the issuance of the FT Units will be used for Canadian exploration expenses and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of the Taxation Act (Québec) (the “Qualifying Expenditures”), which will be incurred on or before December 31, 2023 and renounced to the subscribers with an effective date no later than December 31, 2022 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Units. In addition, with respect to Québec resident subscribers of Québec FT Units and who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses o...