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Plato Gold Corp. Increased Size of Non-Brokered Private Placement For the Second Tranche and Final Closing
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES TORONTO, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (“P
About this update from Plato Gold Corp.
[{"type":"text","content":" NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES TORONTO, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (“Plato” or the “Corporation”) is pleased to announce that further to its news releases dated July 11, 2018 and August 8, 2018, it has completed the second and final tranche of a non-brokered private placement (the “Offering”) of common shares (“Shares”) and has increased the size of the Offering to 9,592,272 Shares at a price of CAN$0.055 per Share for gross proceeds of $527,575. As announced on August 8, 2018, the first tranche of the Offering consisted of the sale of 5,855,454 Shares for gross proceeds of $322,050 (the “First Tranche”). The Corporation increased the size of the Offering for the First Tranche due to demand. The second tranche of the Offering, closed on September 5, 2018, consisted of the sale of 3,736,818 Shares for gross proceeds of $205,525 (the “Second Tranche”). The Corporation increased the size of the Offering for the Second Tranche due to continuing demand. The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period. The Corporation intends to use the net proceeds from the Offering on exploration, assay results, and working capital for the Good Hope Niobium Project and for general working capital purposes. The participation in the Offering by Greg Wong, James Cohen, and Anthony Cohen are “related party transactions” as such terms are defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“), requiring the Corporation, in the absence of exemptions, to obtain a formal valuation for and minority shareholder approval of the “related party transactions”. The Corporation is relying on an exemption from the requirement to obtain formal valuation and minority shareholder approval as the fair market value of the participation in the Offering by the Insiders does not exceed 25% of the market capitalization of the Corporation, as determined in accordance with MI 61-101. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. This press release does not constitute an...