Business
Triumph Gold Closes C$5,124,000 Financing and Confirms Goldcorp Participation
Not for distribution in the United States or to U.S. wire services VANCOUVER, British Columbia, July 11, 2018 (GLOBE NEWSWIRE) -- Triumph Gold Corp. (TSXV:TIG)
About this update from Triumph Gold Corp.
[{"type":"text","content":" Not for distribution in the United States or to U.S. wire services VANCOUVER, British Columbia, July 11, 2018 (GLOBE NEWSWIRE) -- Triumph Gold Corp. (TSXV:TIG) (“Triumph” or the “Company”) is pleased to announce that it has completed a private placement financing of 14,641,101 units of Triumph at a price of $0.35 per unit for gross proceeds of approximately $5,124,385. Each unit consists of one common share of the Company and one half of one non-transferable common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one additional common share at a price of $0.55 for a period of two years from the closing of the financing. The investment was made primarily by institutional investors. A private Hong Kong fund invested approximately $2.5 million and three existing shareholders (amongst others) participated in the offering, including Goldcorp Inc. (“Goldcorp”) which exercised its right to top up to a 19.9% ownership by participating in the financing. John Anderson, Chairman of Triumph commented: “We are excited to have new institutional investors investing directly into the Company as we continue to explore the Freegold Mountain project. As well, we are overwhelmed that current shareholders requested to increase their investment at this time. Goldcorp has participated in this financing to increase its interest in the Company to 19.999% on a partially diluted basis. We view this investment as a validation of our exploration philosophy and look forward to continuing to work with Goldcorp’s technical team as we continue to advance the Freegold Mountain project.” The proceeds of the offering will be used for exploration at the Company’s Freegold Mountain project and for general working capital. Triumph currently has two diamond drills on the property and is in the middle of an 18,000 metre drilling program. All securities issued in connection with this financing will be subject to a statutory four month hold period expiring on November 12, 2018, in accordance with applicable Canadian securities laws. Upon completion of the private placement, the Company will have 78,442,638 common shares issued and outstanding. The Company has agreed to pay cash finder's fees in the aggregate amount of $31,300 to certain finders in connection with the pr...