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Golden Tag Resources Announces $9M Non-Brokered Private Placement Financing in Connection with the La Parrilla Acquisition
TORONTO, March 06, 2023 (GLOBE NEWSWIRE) -- Golden Tag Resources Ltd. (“Golden Tag” or the “Company”) (TSX.V: GOG) is pleased to announce its intention to compl
About this update from Silver Storm Mining Ltd.
[{"type":"text","content":" TORONTO, March 06, 2023 (GLOBE NEWSWIRE) -- Golden Tag Resources Ltd. (“Golden Tag” or the “Company”) (TSX.V: GOG) is pleased to announce its intention to complete a non-brokered private placement financing of subscription receipts (each a “Subscription Receipt”) for gross proceeds of CAD$9.0 million (the “Offering”). This Offering is being completed in connection with the previously announced acquisition (the “Transaction”) of the La Parrilla Silver Mine Complex in Durango State, Mexico (“La Parrilla”) (as more fully described in the press release dated December 7, 2022 available at www.SEDAR.com). The Offering Pursuant to the Offering, the Company intends to issue 45,000,000 Subscription Receipts at a price of CAD$0.20 per Subscription Receipt. Each Subscription Receipt will entitle the holder thereof to receive one unit of the Company (a “Unit”) pursuant to the terms and conditions of the Subscription Receipt Agreement (as defined below). Each Unit will be comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant shall be exercisable to acquire one Common Share at a price of CAD$0.34 per Common Share (in accordance with TSXV Corporate Finance Policy 4.1) for a period of 36 months from the date of the exchange of the Subscription Receipts. As part of the Offering, First Majestic Silver Corp. (“FMS”) will subscribe for US$2.7 million of Subscription Receipts. Subscription Receipt Agreement The Subscription Receipts will be created and issued pursuant to the terms of a subscription receipt agreement (the “Subscription Receipt Agreement”) to be entered into between a subscription receipt agent and the Company. The Escrow Release Conditions will be set forth in the Subscription Receipt Agreement and will provide that if the Escrow Release Conditions are not satisfied on or before the Release Deadline, then the Subscription Receipts shall be cancelled and the subscription receipt agent shall distribute the escrowed funds to the holders of the Subscription Receipts, together with their pro rata share of interest earned thereon. The gross proceeds from the sale of the Subscription Receipts will be held in escrow pending satisfaction or waiver of certain conditions, including all conditions to the closing of the Transaction (...