Business
Tudor Gold Closes $2.9 Million Flow Through Private Placement with Mr. Eric Sprott
Vancouver, British Columbia--(Newsfile Corp. - December 30, 2019) - Tudor Gold Corp. (TSXV: T...
About this update from Tudor Gold Corp.
[{"type":"text","content":"Tudor Gold Closes $2.9 Million Flow Through Private Placement with Mr. Eric SprottVancouver, British Columbia--(Newsfile Corp. - December 30, 2019) - Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the \"Company\" or \"Tudor Gold\") is pleased to announce that Tudor Gold has completed a non-brokered private placement of 4,185,714 flow-through common shares (the \"FT Shares\") at a price of $0.70 per FT Share, for aggregate gross proceeds of approximately $2,929,999 (the \"Private Placement\").The proceeds from the sale of the FT Shares will be used to fund exploration on the Company's Treaty Creek Project.The initial subscribers of the FT Shares, sold such FT Shares to certain end holders one of which is Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him. Mr. Sprott acquired 4,142,502 FT Shares. Following the completion of the transfer, Mr. Sprott beneficially owned and controlled 20,190,002 common shares and 11,497,917 common share purchase warrants (the \"Warrants\"), representing approximately 14.1% of the issued and outstanding common shares on a non-diluted basis, and 20.49% on a partially diluted basis, assuming the exercise of the Warrants. Prior to the Private Placement, Mr. Sprott beneficially owned and controlled 16,047,500 common shares and 11,497,917 Warrants, representing approximately 11.2% of the issued and outstanding common shares of the Company on a non-diluted basis, and 17.8% on a partially diluted basis. The FT Shares were acquired by Mr. Sprott for investment purposes and with a long-term view of the investment. Mr. Sprott may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other relevant factors. All securities issued pursuant to the Private Placement is subject to a statutory four-month hold period. The Private Placement is subject to receipt of final approval of the TSX Venture Exchange.Mr. Sprott's acquisition of 4,142,502 FT Shares is a \"related party transaction\" under the policies of the TSX Venture Exchange and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company...