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Tudor Gold Announces Upsizing of Previously Announced Private Placement Financing to $11.5 Million, with Participation by Eric Sprott
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - Tudor Gold Corp. (TSXV: T...
About this update from Tudor Gold Corp.
[{"type":"text","content":"Tudor Gold Announces Upsizing of Previously Announced Private Placement Financing to $11.5 Million, with Participation by Eric SprottVancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - Tudor Gold Corp. (TSXV: TUD) (the \"Company\") is pleased to announce that, due to strong investor demand, it has agreed with Research Capital Corporation, as lead agent and sole bookrunner (the \"Agent\"), on behalf of a syndicate (collectively, the \"Agents\"), in connection with the previously announced best efforts, private placement offering (the \"Offering\") to increase the size of the Offering to up to $11,500,000. The Offering will consist of a combination of: (i) common shares of the Company (each, a \"Common Share\") at a price of $2.10 per Common Share, and (ii) and 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. Eric Sprott has indicated his intention to subscribe in the Offering. 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.The Agents will have an option (the \"Over-Allotment Option\") to increase the size of the Offering by up to an additional 15% of the number of Common Shares and FT Common Shares sold in the Offering, which is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.The Common Shares and FT Common Shares to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada, and such other jurisdictions as may be determined by the Company, in each case, ...