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Tudor Gold Announces Closing of $15 Million Private Placement, With Participation by Eric Sprott
Vancouver, British Columbia--(Newsfile Corp. - November 4, 2021) - Tudor Gold Corp. (TSXV: T...
About this update from Tudor Gold Corp.
[{"type":"text","content":"Tudor Gold Announces Closing of $15 Million Private Placement, With Participation by Eric SprottVancouver, British Columbia--(Newsfile Corp. - November 4, 2021) - Tudor Gold Corp. (TSXV: TUD) (the \"Company\") is pleased to announce that it has closed its previously announced upsized brokered private placement offering for aggregate gross proceeds of $15,000,000 (the \"Offering\"), consisting of: (i) 2,250,600 common shares of the Company (each, a \"Common Share\") at a price of $2.10 per Common Share, and (ii) and 4,109,496 Common Shares that will qualify as \"flow-through shares\" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\") (each, a \"FT Common Share\") at a price of $2.50 per FT Common Share. The Offering was led by Research Capital Corporation as lead agent and sole bookrunner, on behalf of a syndicate, including Canaccord Genuity Corp. and Red Cloud Securities Inc. (collectively, the \"Agents\"). The net proceeds from the sale of Common Shares will be used for the Company's ongoing exploration drilling program, working capital requirements and other general corporate purposes. The gross proceeds from the sale of FT Common Shares will be used to incur eligible \"Canadian exploration expenses\" (\"CEE\") that are \"flow-through mining expenditures\" (as such term is defined in the Tax Act) related to exploration expenses on the Company's Treaty Creek flagship property, located in Golden Triangle of northwestern British Columbia, as permitted under the Tax Act. The Company will incur the CEE on or before December 31, 2022 and renounce such CEE to the purchasers of the FT Common Shares with an effective date of no later than December 31, 2021.Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 952,200 Common Shares pursuant to the Offering. After closing of the Offering, Mr. Sprott now beneficially owns or controls 33,717,819 common shares representing approximately 17.6% on a non-diluted basis and 16.2% on a fully diluted basis assuming the exercise of all convertible securities of the Company.Prior to the Offering, Mr. Sprott beneficially owned or controlled 32,765,619 common shares of the Company. The common shares were acquired by Mr. Sprott, through 2176423 Ontario Ltd., for investment purposes. Mr. Sprott has a long-term view of...