Business
Spanish Mountain Gold Revises and Upsizes Brokered Private Placement for up to C$6,500,000
Vancouver, British Columbia--(Newsfile Corp. - October 24, 2024) - Spanish Mountain Gold Ltd. (T...
About this update from Spanish Mountain Gold Ltd.
[{"type":"text","content":"Spanish Mountain Gold Revises and Upsizes Brokered Private Placement for up to C$6,500,000Vancouver, British Columbia--(Newsfile Corp. - October 24, 2024) - Spanish Mountain Gold Ltd. (TSXV: SPA) (FSE: S3Y) (OTC Pink: SPAZF) (the \"Company\" or \"Spanish Mountain Gold\") is pleased to announce that further to its press release dated October 22, 2024 and as a result of strong investor demand, the Company has increased the maximum aggregate gross proceeds of its previously announced brokered \"best efforts\" private placement (the \"Offering\") from C$5,000,000 to C$6,500,000. The revised Offering is comprised of the following: up to 18,518,519 units of the Company (each, a \"Unit\") at a price of C$0.135 per Unit, for gross proceeds of up to C$2,500,000 from the sale of Units; up to 16,129,035 flow-through share units of the Company (each, a \"FT Unit\") at a price of C$0.155 per FT Unit, for gross proceeds of up to C$2,500,000 from the sale of FT Units; andup to 7,500,000 FT Units to be 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, for gross proceeds of up to C$1,500,000 from the sale of Charity FT Units.Red Cloud Securities Inc. (the \"Agent\") is acting as sole agent and bookrunner in connection with the Offering.Each Unit will be comprised 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, for a period of 24 months from the closing date of the Offering. Each FT Unit and Charity FT Unit will be comprised 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 (each whole warrant, a \"FT Unit Warrant\"). Each FT Unit Warrant will entitle the holder thereof to acquire one (1) additional Common Share (a \"FT Unit Warrant Share\") at a price of C$0.23 per FT Unit Warrant Share, for a period of 24 months from the closing date of the Offering. The Company will grant to the Agent an option, exercisable in full or in pa...