Business
Gold Lion Resources Announces Closing of Prospectus Offering of Units by Eight Capital
Vancouver, British Columbia - TheNewswire - November 3, 2020 - Gold Lion Resources Inc. ("Gold Lion" or the "Company") (CSE:GL) (CNSX:GL.CN) (OTC:GLIOF) (FWB:2B
About this update from Panther Minerals Inc.
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - November 3, 2020 - Gold Lion Resources Inc. (\"Gold Lion\" or the \"Company\") (CSE:GL) (CNSX:GL.CN) (OTC:GLIOF) (FWB:2BC) is pleased to announce the closing of its marketed short form prospectus offering (the \"Offering\") pursuant to which the Company issued 6,666,667 units of the Company (\"Units\") at a price of $0.45 per Unit for gross proceeds of $3,000,000.15. Each Unit consists of one common share of the Company (each, a \"Unit Share\") and one common share purchase warrant (each, a \"Warrant\") entitling the holder to purchase one common share of the Company (a \"Warrant Share\") at a price of $0.60 per Warrant Share for a period of 24 months following issuance of such Warrant. The Offering was led by Eight Capital as the sole agent and bookrunner. As compensation, Eight Capital received a cash commission of $205,143.75 and received 455,875 agent warrants (each, an \"Agent Warrant\"). Each Agent Warrant is exercisable for one common share of the Company at a price of $0.45 per share for a period of 24 months following issuance of such Agent Warrant. The net proceeds from the Offering will be used to advance the exploration for the Company's Idaho gold projects (primarily the Robber Gulch Property), as well as for working capital and general corporate purposes. Oliver Friesen, the Company's CEO, purchased 109,723 Units under the Offering, representing $49,375.35 of the gross proceeds received by the Company. Participation by Mr. Friesen in the Offering is considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Holders in Special Transactions (\"MI 61-101\"). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with Mr. Friesen's participation in the Offering pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101. The material change report in connection with Mr. Friesen's participation in the Offering was filed less than 21 days in advance of the closing of the Offering, which the Company deems reasonable in the context of the required chronological course of a short form prospectus offering such as the Offering. The Company has applied to list the Unit Shares and the Warrant Shares on the Canadian Securities Exchange (the \"CSE\"). There is no established t...