Business
Spanish Mountain Gold Closes $6 million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2023) - Spanish Mountain Gold Ltd. (T...
About this update from Spanish Mountain Gold Ltd.
[{"type":"text","content":"Spanish Mountain Gold Closes $6 million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 12, 2023) - Spanish Mountain Gold Ltd. (TSXV: SPA) (the \"Company\" or \"Spanish Mountain Gold\") is pleased to announce further to its news release on May 4, 2023, the Company has closed its, non-brokered private placement (the \"Offering\") to issue 28,571,429 units of the Company (each, a \"Unit\") at a price of $0.21 per Unit for aggregate gross proceeds of $6,000,000.Each Unit consists of one common share of the Company and one half of one share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.25 per common share for a period of 24 months, subject to earlier expiry if the ten-day volume weighted average price exceeds $0.30 per common share.The Company intends to use the proceeds from the Offering for exploration and development at its Spanish Mountain Project, and for general working capital purposes. All securities issued in connection with the Offering will be subject to a statutory hold period of four months. Certain insiders of the Company have subscribed to the Units in connection with the Offering. Such participation is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by such persons will exceed 25% of the Company's market capitalization.The securities of the Company referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws. Accordingly, the securities of the Company were not offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. About Spanish Mountain Gold Spanish Mountain Gold Ltd. is focused on advancing its 100%-owned Spanish Mountain Gold Project in southern central British Columbia. The Company is simultaneously pursuing...