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Triumph Gold Announces C$6,272,640 Financing Goldcorp to Acquire 19.9% of the Company
(via TheNewswire) Vancouver, British Columbia / TheNewswire / March 2 2017. Triump...
About this update from Triumph Gold Corp.
[{"type":"text","content":"Triumph Gold Announces C$6,272,640 Financing Goldcorp to Acquire 19.9% of the Company(via TheNewswire)\n \n \nVancouver, British Columbia / TheNewswire / March 2 2017. Triumph Gold Corp. (formerly Northern Freegold Resources Ltd.) (TSX-V: TIG) (\"Triumph\" or the \"Company\") is pleased to announce that it has completed a private placement financing of 11,880,000 flow through shares of Triumph (the \"Offering\"). The Offering was sold at a price of $0.528 per share for proceeds of $6,272,640. The private placement is part of a charity flow through arrangement through which Goldcorp Inc. (\"Goldcorp\") was the end purchaser of the shares sold in the Offering. As a result of the private placement Goldcorp now owns approximately 19.9% of the Company's issued and outstanding shares.\n\n\n \nJohn Anderson, Chairman of Triumph commented: \"We are very pleased to welcome Goldcorp as a Triumph shareholder. We view this investment as a validation of our exploration philosophy and look forward to working with Goldcorp's technical team as we continue to advance the Freegold Mountain project.\"\n\n\n \nGoldcorp has the right to maintain its pro rata ownership percentage in the Company during future financings and the right (but not the obligation) to participate in any future equity financings to the extent required to allow Goldcorp to maintain its equity ownership interest in Triumph to a maximum of 19.9% of the issued and outstanding common shares. Goldcorp will also have a 10 business day right of first refusal to match certain non-equity financing and tolling arrangements related to future exploration on the Company's properties.\n\n\n \nThe proceeds of the Offering will be used for exploration at the Company's Freegold Mountain project. Work done in 2016 identified an early stage of porphyry-style mineralization at the Revenue and Nucleus deposits that had not been targeted during past exploration. Based on that work, and the discovery of a new porphyry showing at the Generation Zone, four new exploration targets were defined and will be drill-tested during the 2017 field season. In addition, the newly assembled (2016) technical team will evaluate other showings on the property using the same highly cost effect review techniques that were successfully applied to Revenue and Nucleus in 2016. \n\n\n \nTriumph has been advised that Goldc...