Business
Solstice Gold Announces Flow-Through Share and Unit Financing
VANCOUVER, British Columbia, July 18, 2023 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce
About this update from Solstice Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, July 18, 2023 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce that it intends to complete a financing by way of a non-brokered private placement for aggregate proceeds of $420,000 subject to increase at the discretion of the board of directors of the Company (the “Offering”). Offering participation will be led by members of the management team and board of directors. The Offering will be capped at a maximum of 12.5M of National Units, Ontario Units and Units. The Offering consists of: (i) units of the Company (“National Units”) at $0.04 per National Unit, each National Unit comprised of one common share of the Company qualifying as a flow-through share for purposes of the Income Tax Act (Canada) (the “ITA”) and one half warrant where one full warrant (each, a “Warrant”) is exercisable for one common share of the Company at $0.06 for 12 months from the closing date of the Offering; (ii) units of the Company (“Ontario Units”) to residents in Ontario at $0.05 per Ontario Unit, each Ontario Unit comprised of one common share of the Company qualifying as a flow-through share for the purposes of the ITA and one half Warrant; and (iii) units of the Company (“Units”) at $0.035 per Unit, each Unit comprised of one common share of the Company and one half Warrant. The gross proceeds raised from the Offering will be used by the Company: (i) from the National Units 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 mining projects; (ii) from the Ontario Units to fund exploration programs qualifying as “Canadian Exploration Expenses” and “flow-through mining expenditures” at the Company’s mining projects in Ontario; and (iii) from the Units for general corporate and working capital. The majority of the proceeds will go to funding grassroots Lithium exploration at the Company’s SLP Property. The closing of the Offering is expected to occur on or about August 7, 2023 (the “Closing Date”) and is subject to receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”). By way of private placement, the National Units will be offered to Canadian residents other than in Ontario, the ...