Business
P2 Gold Announces Flow-Through Financing
VANCOUVER, British Columbia, Dec. 14, 2022 (GLOBE NEWSWIRE) -- P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports that it intends to complete a non-broke
About this update from P2 Gold Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 14, 2022 (GLOBE NEWSWIRE) -- P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports that it intends to complete a non-brokered private placement of up to 1.75 million flow-through units (the “FT Units”) at a price of $0.29 per FT Unit for gross proceeds of up to approximately $500,000 (the “FT Offering”). Each FT Unit will consist of one flow-through common share in the capital of the Company (a “FT Share”) and one non-flow-through common share purchase warrant (a “FT Warrant”). The FT Shares will qualify as “flow-through shares” for purposes of the Income Tax Act (Canada). Each FT Warrant will entitle the holder to purchase one additional non-flow-through common share in the capital of the Company at an exercise price of $0.40 per common share for a period of two years from the date of issue (the “FT 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 $0.80 for a period of 10 consecutive trading days at any time prior to the FT Expiry Time, the Company will have the right to accelerate the FT Expiry Time by giving notice to the holders of the FT Warrants by news release or other form of notice permitted by the certificate representing the FT Warrants that the FT 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 FT Offering will be used to fund exploration expenditures on the BAM Project 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). The FT Offering will close on completion of documentation and is conditional upon receipt of all necessary regulatory approvals, including the approval of the Exchange. The FT Offering will be offered to accredited investors in all Provinces of Canada pursuant to applicable securities laws. In connection with the FT Offering, the Company may pay finders’ fees as permitted by the policies of the Exchange. All securities issued pursuant to the FT Offering will be subject to a four-month hold period. The securities o...