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Gold79 Mines Announces Closing of First Tranche of Private Placement Financing
Ottawa, Ontario--(Newsfile Corp. - June 9, 2023) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce the closing o
About this update from West Point Gold Corp.
[{"type":"text","content":" Ottawa, Ontario--(Newsfile Corp. - June 9, 2023) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (\"Gold79\" or the \"Company\") is pleased to announce the closing of a first tranche of its non-brokered private placement financing, raising gross proceeds of $210,000 through the issuance of 7,000,000 units at $0.03 per unit. Each unit consists of one common share of the Company and one whole common share purchase warrant. A total of 7,000,000 warrants were issued, with each warrant entitling the holder to purchase one common share of the Company at a price of $0.05 per share until June 8, 2025. The warrants are callable after the statutory hold period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company's common share meets or exceeds $0.08 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 & Director stated, \"We are thankful for the ongoing support of our existing shareholders and Company management and directors who have demonstrated their continuing commitment to the Company by subscribing for a component of the financing. We anticipate a final closing of the placement in a few weeks' time.\" No finder fees or commissions are payable in connection with this first tranche closing. This private placement is subject to the final approval of the TSX Venture Exchange. All securities issued in the first tranche of the placement are subject to a statutory hold period until October 9, 2023. Officers and directors of the Company including Derek Macpherson, Gary Thompson and John McNeice participated in the private placement and acquired 4,700,000 units for $141,000. The participation of these insiders in the private placement constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The board of directors of the Company, with Messrs. Macpherson and Thompson abstaining, determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related pa...