Business
Spanish Mountain Gold Announces the Closing of Private Placements for Gross Proceeds of C$8.3 Million
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2024) - Spanish Mountain Gold Ltd. (...
About this update from Spanish Mountain Gold Ltd.
[{"type":"text","content":"Spanish Mountain Gold Announces the Closing of Private Placements for Gross Proceeds of C$8.3 MillionVancouver, British Columbia--(Newsfile Corp. - November 15, 2024) - Spanish Mountain Gold Ltd. (TSXV: SPA) (FSE: S3Y) (OTC: SPAZF) (the \"Company\" or \"Spanish Mountain Gold\") is pleased to announce that further to its press releases dated October 22, October 24, October 31, 2024 and November 14, 2024, the Company has closed its previously announced brokered \"best efforts\" private placement (the \"Brokered Offering\") and non-brokered private placement (the \"Non-Brokered Offering\", and together with the Brokered Offering, the \"Offerings\") for aggregate gross proceeds of C$8,300,000. Under the Brokered Offering, the Company raised gross proceeds of C$7,500,000, which includes the full exercise of the Agent's (as defined herein) over-allotment option. Pursuant to the Brokered Offering, the Company issued 20,553,000 units of the Company (each a \"Unit\") at a price of C$0.135 per Unit (the \"Unit Price\") (including 2,034,481 Units issued pursuant to the exercise of the Agent's over-allotment option), 18,118,000 flow-through share units of the Company (each, a \"FT Unit\") at a price of C$0.155 per FT Unit (including 1,988,965 FT Units issued pursuant to the exercise of the Agent's over-allotment option), and 9,585,000 FT Units sold to charitable purchasers (each, a \"Charity FT Unit\", and together with the Units and FT Units, the \"Offered Securities\") at a price of C$0.20 per Charity FT Unit (including 2,085,000 Charity FT Units issued pursuant to the exercise of the Agent's over-allotment option). Under the Non-Brokered Offering, the Company raised gross proceeds of approximately C$800,000 through the issue of 5,925,926 Units at the Unit Price.Each Unit consists of one (1) common share in the capital of the Company (a \"Common Share\") and one (1) Common Share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one (1) additional Common Share (a \"Warrant Share\") at a price of C$0.18 per Warrant Share, at any time on or before November 15, 2026. Each FT Unit consists of one (1) Common Share to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada)(the \"Income Tax Act\") (each, a \"FT Share\") and one-half of one common share purchase warrant ...