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SolidusGold Announces Closing of Private Placement
VANCOUVER, British Columbia, Oct. 08, 2020 (GLOBE NEWSWIRE) -- SolidusGold Inc. (the “Company”) (TSXV: SDC) is pleased to announce that it has closed its previo
About this update from Valhalla Metals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 08, 2020 (GLOBE NEWSWIRE) -- SolidusGold Inc. (the “Company”) (TSXV: SDC) is pleased to announce that it has closed its previously announced non-brokered private placement of 6,667,109 units of the Company (“Units”) at a price of $0.09 per Unit for a total gross proceeds of $600,039 (the “Offering”). Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant exercisable for twenty-four (24) months at a price of $0.12 per Common Share. In connection with the closing of the Offering, the Company paid finder’s fees to eligible parties. The finders acting in connection with the closing of the Offering received cash payments in the aggregate amount of $12,577.50. All securities issued in the Offering are subject to a hold period of four months and a day from the date of closing. The net proceeds from the Offering will be used for the evaluation of potential acquisition transactions, including land and legal due diligence reviews, for general working capital and administrative expenses. Completion of the Offering is subject to final TSX Venture Exchange approval. To demonstrate continued support of the Company's growth plans, certain insiders of the Company participated in the Offering purchasing a total of 1,738,888 Units. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction is exempt from minority approval and valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under the Offering nor the consideration to be paid by the insiders exceeds 25% of the Company's market capitalization. Forward Looking Statements: This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking in...