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Solstice Gold Announces Closing of Upsized Private Placement Financing Including $1.6 Million From Management and Directors
VANCOUVER, British Columbia, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to report t
About this update from Solstice Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to report the closing of its previously announced private placement financing (the “Offering”) on Tuesday, August 30, 2022 (the “Closing Date”), for gross proceeds of approximately $2.7 million through the issuance of: (i) 12,766,667 units (each, a “HD Unit”) at a price of $0.12 per HD Unit, each comprised of one common share of the Company (each, a “Common Share”) and one warrant (each, a “Warrant”) exercisable for one Common Share at $0.17 for 18 months from the Closing Date; and (ii) 8,707,216 units (each, a “NFT Unit”) at a price of $0.135 per NFT Unit, each comprised of one Common Share qualifying as a flow-through share (each, a “FT Share”) for purposes of the Income Tax Act (Canada) (the “ITA”) and a half Warrant on the same terms as the Warrants in the HD Units, representing an upsize from its previously announced $1.1 million anticipated gross proceeds of the Offering. The Company also announced today that Kevin Reid will step down as a director of the Company effective September 30, 2022, due to personal time constraints and will remain the largest shareholder of the Company. Pursuant to the Offering, Mr. Reid has acquired $1.0 million of HD Units at a price of $0.12 per unit, increasing his ownership in the Company to approximately 16.5%. “Kevin has been a strong supporter and major shareholder of Solstice since its inception, including having served as a Board member since 2020,” said David Adamson, Chairman of the Company. “Over this time, he has made numerous meaningful contributions to our business, drawing on his wealth of experience gained over a long and successful business career. On behalf of the Board of Directors, the management team, and our shareholders, I thank Kevin for his past and continuing support and wish him and his family all the best in the future.” The gross proceeds of the Offering from: (i) the HD Units will be used for general corporate purposes and working capital; (ii) the FT Shares comprised in the NFT Units will be used to fund exploration programs qualifying as “Canadian Exploration Expenses” and “flow-through mining expenditures” (as those terms are defined in the ITA) at the Company’s exploration projects in Ontario; and (iii) the Warran...