Business
Central Timmins Exploration Corp. Announces Strategic Investment by Goldcorp Inc. and Sale of Non-Core Claims
Central Timmins Exploration Corp. Announces Strategic Investment by Goldcorp Inc. and Sale...
About this update from P2 Gold Inc.
[{"type":"text","content":"\n\n\n\nCentral Timmins Exploration Corp. Announces Strategic Investment by Goldcorp Inc. and Sale of Non-Core Claims\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 21, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n TORONTO, Dec. 21, 2018 /CNW/ - Central Timmins Exploration Corp. (\"CTEC\" or the \"Corporation\") (TSXV: CTEC) is pleased to announce that it closed a non-brokered flow-through private placement (the \"Financing\") today. CTEC issued 5,000,000 \"flow-through\" common shares (the \"FT Shares\") under the Financing at an issue price of $0.20 per FT Share, for aggregate gross proceeds of $1,000,000.\nThe Financing was structured as a charity donation arrangement pursuant to which Goldcorp Inc. (\"Goldcorp\") acquired 5,000,000 common shares of CTEC as a back-end purchaser, representing approximately 9.74% of the issued and outstanding common shares of CTEC (\"Common Shares\").\nPursuant to an investor rights agreement entered into between CTEC and Goldcorp (the \"Investor Rights Agreement\") concurrently with the Financing, Goldcorp has been granted the right (but not the obligation) to participate in future financing transactions of CTEC in order to maintain its pro-rata equity ownership percentage interest in CTEC at up to 9.9% of the issued and outstanding Common Shares. Goldcorp has also been provided certain other rights, including but not limited to the right to request that a technical committee be formed by CTEC, that will remain in place as long as Goldcorp maintains its equity ownership percentage interest in CTEC at greater than 5.0% of the issued and outstanding Common Shares.\nProceeds from the Financing will be used by CTEC to incur eligible Canadian exploration expenditures to expand the 2019 exploration program on its Timmins area properties (the \"Timmins Project\"). CTEC will renounce the qualifying expenditures to subscribe...