Business
Trojan Gold Inc. Closes Strategic Private Placement with Crescat Capital LLC
Toronto, ON / ACCESSWIRE – August 26, 2021 - Trojan Gold Inc. (the “Company” or “Trojan”) is pleased to announce that it has closed a strategic, non-brokered pr
About this update from Trojan Gold, Inc.
[{"type":"text","content":"Toronto, ON / ACCESSWIRE – August 26, 2021 - Trojan Gold Inc. (the “Company” or “Trojan”) is pleased to announce that it has closed a strategic, non-brokered private placement financing (the “Financing”) with Crescat Capital LLC (“Crescat”). Crescat has invested $250,000 representing a 6.8% ownership position (post-investment) in the Company. Crescat also has the option to participate in future financings to maintain their interest level in the Company for three (3) years from the date of closing. The private placement financing consists of 2,500,000 units (the “Units”) of the Company at $0.10 per unit, for gross proceeds of $250,000. Each Unit consists of one common share and one share purchase warrant (the “Warrant”). Each Warrant entitles Crescat to purchase one additional common share, up to a total of 2,500,000 at an exercise price of $0.15. The warrants will expire on December 31, 2023 but are subject to an acceleration clause. The net proceeds of the Financing will be used to explore Trojan’s Hemlo South project in North-Western Ontario and for general working capital. Charles Elbourne, Director, President and CEO of Trojan said, “We are excited to welcome Crescat Capital as a strategic investor in our Company. Crescat’s investment in Trojan validates management's vision of acquiring the right properties, in the right jurisdictions, at the right time – and particular, our focus on the Hemlo Gold Camp, which has produced over 21 million oz Au over the past 30 years and is still going strong”. Mr. Elbourne also stated that, “Crescat is an active investor with substantial experience in the mineral exploration sector and we look forward to working with our new partners to assist Trojan to realize the full potential of its assets, building value for all shareholders. Trojan is now well-positioned to move forward with its fall and winter exploration and drilling programs on its Hemlo South property, which is directly adjacent to Barrick’s world class Williams Mine near Marathon, Ontario”. Kevin Smith, Crescat’s founder and Chief Investment Officer, commented that, “Trojan has an outstanding management and advisory team that has accumulated an impressive set of properties in the Hemlo Gold Camp and the Shebandowan Greenstone Belt in northern Ontario. This type of opportunity fits our friendly activist investm...