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TriStar Closes First Tranche of $3.2 Million Non-Brokered Private Placement
Scottsdale, Arizona--(Newsfile Corp. - August 30, 2023) - TriStar Gold Inc. (TSXV: TSG) (OTCQX: T...
About this update from Tristar Gold Inc.
[{"type":"text","content":"TriStar Closes First Tranche of $3.2 Million Non-Brokered Private PlacementScottsdale, Arizona--(Newsfile Corp. - August 30, 2023) - TriStar Gold Inc. (TSXV: TSG) (OTCQX: TSGZF) (\"TriStar\" or the \"Company\") is pleased to announce that it has closed the first tranche of its non-brokered private placement previously announced on August 2, 2023 (the \"Offering\"). A total of 12,738,231 units of the Company were sold under the first tranche of the Offering, at a price of Cdn $0.13 per unit for gross proceeds to the Company of Cdn $1,655,970. Each unit is comprised of one common share of the Company and one-half of one transferable share purchase warrant. Each full warrant is exercisable for one common share of the Company at an exercise price of Cdn $0.20 per share and a three-year term-to-maturity. The Company is also pleased to announce it has increased the size of the Offering to a maximum of up to 24,799,769 units, for aggregate gross proceeds to the Company of up to Cdn $3,223,970. The Company paid no commission or finder's fees on the Offering.The Company intends to use the net proceeds of the Offering to advance the permitting of the Company's 100% owned Castelo de Sonhos property and for general working capital purposes.All securities issued in connection with the first tranche of the Offering are subject to a four-month hold period expiring on December 31, 2023 in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the \"Exchange\"). The Offering is subject to the final approval of the Exchange.Nicholas Appleyard, Chief Executive Officer and a Director of the Company, and Jessica Van Den Akker, a Director of the Company, participated in the Offering by subscribing for 769,231 units by Mr. Appleyard and 77,000 units by Ms. Van Den Akker, which constitute related party transactions pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). There has not been a material change in the percentage of the outstanding securities of the Company that are individually owned by Mr. Appleyard or Ms. Van Den Akker as a result of their participation in the Offering. The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of the inside...