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P2 Gold Announces Closing of Flow-Through Private Placement
VANCOUVER, British Columbia, June 04, 2021 (GLOBE NEWSWIRE) -- P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports it has closed the non-brokered flow-thr
About this update from P2 Gold Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, June 04, 2021 (GLOBE NEWSWIRE) -- P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports it has closed the non-brokered flow-through private placement (the “Private Placement”) (see P2’s news release dated May 19, 2021) for gross proceeds of approximately $1.75 million. In closing the Private Placement, the Company issued 2,917,170 flow-through units (the “Units”) of the Company at a price of $0.60 per Unit for gross proceeds of $1,750,302. Each Unit consists of one flow-through common share in the capital of the Company (a “Flow-Through Share”) and one non-flow-through common share purchase warrant (a “Warrant”). The Flow-Through Shares qualify as “flow-through shares” for purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one additional non-flow-through common share in the capital of the Company at an exercise price of $0.85 per common share for a period of two years from the date of issue (the “Expiry Time”), provided that, if after four months from the date of issue, the closing price of the common shares of the Company on the TSX Venture Exchange (the “Exchange”) is equal to or greater than $1.50 for a period of 10 consecutive trading days at any time prior to the Expiry Time, the Company will have the right to accelerate the Expiry Time of the Warrants by giving notice to the holders of the Warrants by news release or other form of notice permitted by the certificate representing the Warrants that the Warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than 15 days from the date notice is given. The gross proceeds of the Private Placement will be used to fund exploration expenditures on the Silver Reef Property, BAM Property, Todd Creek Property and other Canadian Exploration Expenses that will qualify as “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada), and “BC flow-through mining expenditures”, as defined in the Income Tax Act (British Columbia). All securities issued pursuant to the Private Placement are subject to a four-month hold period. In connection with the Private Placement, the Company paid finder’s fees of an aggregate of $57,210 to arm’s length finders, representing 6% of the proceeds raised from subscriptions by certain placees. The securities offered pursuant to the P...