Business
Ethos Closes Flow Through Offering
Vancouver, British Columbia--(Newsfile Corp. - November 23, 2021) - Ethos Gold Corp. (TSXV: ...
About this update from Prospector Metals Corp
[{"type":"text","content":"Ethos Closes Flow Through OfferingVancouver, British Columbia--(Newsfile Corp. - November 23, 2021) - Ethos Gold Corp. (TSXV: ECC) (FSE: 1ET) (\"Ethos\" or the \"Company\") pleased to announce that it has closed its previously announced non-brokered private placement of flow-through units raising gross proceeds of C$1,128,365.10 (the \"Private Placement\"). The Private Placement consisted of 2,752,110 flow-through units priced at $0.41 per unit (each, a \"Unit\"). Each Unit consist of one flow through share, and one half of one non-flow through common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one common share of the Company at an exercise price of $0.48 for a period of two years. The flow through shares will qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada).Proceeds of this offering will be utilized on eligible flow through expenditures on the Company's projects within Quebec.The Private Placement is subject to the acceptance of the TSX Venture Exchange and all securities issued or issuable under the Private Placement are subject to a 4-month hold period expiring on March 24, 2022.The Private Placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101 as there are certain insiders participating. Because the Company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(a) and 5.7(b) of MI 61-101.About Ethos Gold Corp.Ethos Gold, a Discovery Group company, has accumulated a portfolio of district-scale projects in British Columbia, Ontario, Quebec, and Newfoundland that have large scale discovery potential. The Company has a solid technical team led by Dr. Rob Carpenter, formerly the CEO of Kaminak Gold Corporation, who led the Kaminak team from initial listing in 2005 through acquisition and discovery of the multiple-million-ounce Coffee Gold Project. In Ethos, he has assembled a senior technical advisory team with a strong record of discovery success and includes Dr. Robert Brozdowski, P.Geo., Dan MacNeil, M.Sc., P.Geo., Dr. Alan Wainwright, P....