Business
Relevant Gold Closes Strategic Investment from Kinross Gold and Announces Completion of Oversubscribed Spring Financings
Not for dissemination in or into the United States or through U.S. newswires All dollars are...
About this update from Relevant Gold Corp.
[{"type":"text","content":"Relevant Gold Closes Strategic Investment from Kinross Gold and Announces Completion of Oversubscribed Spring FinancingsNot for dissemination in or into the United States or through U.S. newswiresAll dollars are Canadian unless otherwise noted VANCOUVER, BC / ACCESSWIRE / July 9, 2024 / Relevant Gold Corp. (TSXV:RGC)(OTCQB:RGCCF) (the \"Company\" or \"Relevant Gold\") is pleased to announce that it has closed a non-brokered private placement agreement for 5,100,000 Units of the Company totaling $1,530,000 with Kinross Gold Corporation (\"Kinross\") (NYSE:KGC)(TSX:K). The Kinross placement obviates the second tranche of the previously announced private placement (see news release), thereby completing all pending financings. In connection with these offerings, the Company has issued a total of 10,881,300 Units for gross proceeds of $2,975,325, oversubscribing the original target of $2,500,000.Each Unit consisted of one common share and one-half share purchase warrant, with each whole warrant exercisable for an additional common share of the Company at a price of $0.35 per share for a period of 24 months from the date of issue. The Units issued to Kinross are subject to a statutory hold period expiring on November 9, 2024. Proceeds from the combined placements will be used to fund exploration at the Company's projects in Wyoming, USA, and for general working capital.\"We are extremely pleased with Kinross's strategic investment in Relevant Gold and the strong endorsement this reflects for our thesis that Wyoming has Abitibi Gold Belt potential. We look forward to working with them as we continue to explore for world-class gold discoveries in Wyoming,\" said Relevant Gold CEO, Rob Bergmann. \"Wyoming is becoming a top global mining jurisdiction and in the current rising gold environment, Relevant Gold provides investors first-mover exposure to an emerging pipeline of belt-scale gold opportunities.\"As a result of this financing, Kinross holds on a partially diluted basis, approximately 9.9% of the issued and outstanding common shares of the Company. In conjunction with this strategic investment, Relevant Gold and Kinross have entered into an Investor Rights Agreement reserving Kinross's right to pro-rata participation in future financings, the ability to increase ownership to 19.9%, and the formation of a technical advisory committe...