Business
Gold79 Mines Announces Closing of Private Placement Financing
Ottawa, Ontario--(Newsfile Corp. - November 21, 2022) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce the clos
About this update from West Point Gold Corp.
[{"type":"text","content":" Ottawa, Ontario--(Newsfile Corp. - November 21, 2022) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (\"Gold79\" or the \"Company\") is pleased to announce the closing of its non-brokered private placement financing, raising gross proceeds of $947,324 through the issuance of 27,066,401 units at $0.035 per unit. Each unit consists of one common share of the Company and one whole common share purchase warrant. A total of 27,066,401 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 November 18, 2025. The warrants are callable, 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 pleased to complete this financing and are thankful for the ongoing support of our existing shareholders and a number of new shareholders including Kinross Gold Corp. who subscribed for $275,000. Additionally, Gold79 management and directors have demonstrated their continuing commitment to the Company by subscribing for a component of the financing.\" In connection with the private placement, the Company paid eligible finders cash commissions of $13,843 and an aggregate of 395,500 finders' warrants. Each finder's warrant entitles the finder to acquire one common share at an exercise price of $0.05 and is exercisable until November 18, 2025. This private placement is subject to the final approval of the TSX Venture Exchange. All securities issued under the placement are subject to a statutory hold period until March 19, 2023. Officers and directors of the Company including Derek Macpherson, Gary Thompson, Paul Carrelo and John McNeice participated in the private placement and acquired 6,867,858 units for $240,375. 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...