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Spanish Mountain Gold Announces Closing of Second and Final Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Spanish Mountain Gold Ltd. (TSXV...
About this update from Spanish Mountain Gold Ltd.
[{"type":"text","content":"Spanish Mountain Gold Announces Closing of Second and Final Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Spanish Mountain Gold Ltd. (TSXV: SPA) (FSE: S3Y) (the \"Company\" or \"Spanish Mountain Gold\") is pleased to announce that, further to its news releases dated May 27, 2024 and May 31, 2024, it has closed the second and final tranche of the previously announced private placement (the \"Private Placement\") of flow-through units of the Company (the \"FT Units\") at a price of $0.24 per FT Unit and non flow-through units (the \"NFT Units\") at a price of $0.21 per NFT Unit. The second tranche of the Private Placement consisted of 50,000 FT Units and 819,237 NFT Units for total aggregate gross proceeds of $184,040. The total Private Placement consisted of 7,858,333 FT Units and 7,733,522 NFT Units for total aggregate gross proceeds of $3,510,040. Each FT Unit consists of one common share in the capital of the Company (a \"Common Share\") designated as a flow-through share pursuant to the Income Tax Act (Canada) (a \"FT Share\") and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each NFT Unit consists of one Common Share and one-half of one Warrant. Each Warrant entitles the holder thereof to purchase one additional Share (a \"Warrant Share\") at a price of $0.25 per Warrant Share for a period of 24 months from the date of issuance, subject to earlier expiry if the 10-day volume weighted average price of the Common Shares on the TSX Venture Exchange (the \"TSXV\") exceeds $0.30 per Common Share.All securities issued in connection with the second tranche of the Private Placement are subject to a statutory hold period in accordance with applicable securities legislation. The Company will use the proceeds from the sale of the FT Units for exploration and development work at the Company's Spanish Mountain Gold project in the Cariboo Gold Corridor in British Columbia, and from the sale of the NFT Units for general working capital purposes. There were no finder's fees payable on this tranche. Certain insiders of the Company subscribed for NFT Units in the second tranche closing of the Private Placement. Such participation is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction ...