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Gold79 Announces Private Placement Financing of up to $2,000,000
Ottawa, Ontario--(Newsfile Corp. - May 10, 2023) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (...
About this update from West Point Gold Corp.
[{"type":"text","content":"Gold79 Announces Private Placement Financing of up to $2,000,000Ottawa, Ontario--(Newsfile Corp. - May 10, 2023) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (\"Gold79\" or the \"Company\") is pleased to announce the initiation of a non-brokered private placement to raise gross proceeds of up to $2,000,000, comprising 50,000,000 units (each a \"Unit\"), at $0.04 per Unit (the \"Offering\"). Each Unit consists of one common share of the Company and one whole common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.06 per share for a period of 24 months following the date of issuance. Additionally, the Warrants will be callable during the 24-month period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company's common shares meets or exceeds $0.09 for ten consecutive trading days based on trades on the TSX Venture Exchange and Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.Derek Macpherson, President, CEO and Director stated, \"Our recent exploration at Tyro, highlighted by drill intercepts of 44.2m at 2.01 g/t Au from hole GC23-24 and 9.1m at 51.09 g/t Au from hole GC23-28, has put Gold79 on the path to establishing an initial resource estimate at the Tyro Mine area of our Gold Chain project, Arizona. The proposed financing will allow the Company to complete a systematic trenching program and meaningful follow-up drilling as we work to advance the project.\"Any securities issued under the Offering would be subject to a statutory hold period of four months and one day from the date of issuance. This Offering is subject to approval of the TSX Venture Exchange (\"TSX-V\"). The anticipated closing date of the Offering is May 25, 2023.The Offering will be conducted by the Company utilizing the Existing Security Holder Prospectus Exemption under OSC Rule 45-501 Ontario Prospectus and Registration Exemptions and other equivalent provisions of applicable securities laws in other jurisdictions in Canada (collectively, the \"Existing Security Holder Exemptions\") as well as the \"accredited investor\" exemption under National Instrument 45-106 Prospectus and Registration Exemptions and also other exemptio...