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White Metal Announces First Closing of Financing to Fund Exploration on the Gunners Cove Gold Project
Thunder Bay, Ontario--(Newsfile Corp. - September 20, 2018) - W hite Metal Resources Corp. (...
About this update from Thunder Gold Corp.
[{"type":"text","content":"White Metal Announces First Closing of Financing to Fund Exploration on the Gunners Cove Gold ProjectThunder Bay, Ontario--(Newsfile Corp. - September 20, 2018) - White Metal Resources Corp. (TSXV: WHM) (\"White Metal\" or the \"Company\") is pleased to announce it has filed documents with the TSX Venture Exchange to close the first tranche of a financing as part of the non-brokered private placement previously announced on September 5, 2018. Subject to regulatory approval, White Metal will issue 1,340,000 units at $0.15 per unit of Flow Through Units (\"FTU\") for gross proceeds of $ 201,000 to fund exploration on its Gunners Cove Gold Property (the \"Property\") in Newfoundland.The previously announced private placement consists of up to a combined maximum of 3,333,333 units of both FTUs at $0.15 per FTU and Non Fow Through Units (\"NFTUs\") at $0.15 per NFTU for combined gross proceeds of $500,000 which are expected to be completed in multiple tranches.Each FTU consists of one common share and one-half (1/2) of one share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at $0.25 for two years from closing of the private placement. Each NFTU will consist of one common share and one (1) share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at $0.25 for two years from the closing of the private placement. The flow through proceeds will be expended on the continued exploration of the Company's Gunners Cove Gold Project project located in Newfoundland. The non flow through proceeds will be used for working capital and general corporate purposes. The first tranche close of the Financing was effected with 1 insider of the Company subscribing for 335,000 FTUs for aggregate subscription proceeds of $50,250.00, that portion of the Financing a :\"related party transaction\" as such term is defined under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61-101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it i...