Plato Gold Corp. Announces Closing of First Tranche of Non-Brokered Private Placement

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[{"type":"text","content":" Not for Dissemination in the United States or over United States Newswire Services TORONTO, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:PGC) (“Plato” or the “Corporation”) is pleased to announce that further to its news release dated January 29, 2018, it has completed the first tranche of a non-brokered private placement of units (“Units”) at a price of CAN$0.05 per Unit (the “Offering”). The first tranche of the Offering consisted of the sale of 4,800,000 Units for gross proceeds of $240,000 (the “First Tranche”). Each Unit consisted of one (1) common share in the capital stock of Plato (“Common Share”) and one-half of a common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one common share at a price of CAN$0.10 per common share until the date which is twenty-four (24) months following the closing date of the First Tranche, whereupon the Warrants will expire. If the weighted average trading price of the Corporation’s common shares on the Corporation’s principal stock exchange closes at a minimum of $0.10 per share for a period of five (5) consecutive trading days, the Corporation may accelerate the expiry date of the Warrants to the date which is 30 days following the date upon which notice of the accelerated expiry date is provided by the Corporation to the holders of the Warrants. In connection with the closing of the First Tranche, eligible institution finders have been paid finders fees of $1,050. The securities issued and issuable pursuant to the First Tranche will be subject to a four month and one day statutory hold period. The Offering is subject to final acceptance of the TSX Venture Exchange. Following the completion of the First Tranche, 169,507,455 common shares will be issued and outstanding. The Corporation intends to issue additional Units in subsequent tranches as part of the Offering, up to the maximum amount announced in its previous press release. The Corporation intends to use the net proceeds from the Offering first on a 5,000 metre drill program on the Good Hope Niobium Project which has been contracted to being on March 9, 2018 and next on exploration work and for general working capital purposes. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have no...

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