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Brascan Gold Announces Amendment to Third and Final Tranche Non-Brokered Private Placement of Units
This amended and restated news release reproduces the news release of originally filed on February 11, 2022. Correction is made to the original news release in
About this update from Westgold Metals Corp.
[{"type":"text","content":" This amended and restated news release reproduces the news release of originally filed on February 11, 2022. Correction is made to the original news release in respect of the aggregate gross proceeds of $571,050.00 and not $478,050.00. VANCOUVER, British Columbia, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Brascan Gold Inc. (CSE:BRAS)(FRANKFURT: 5ZT; WKN: A3C5EX) (“Brascan” or the “Company”) announces that it has completed the third and final tranche (the “Third Tranche”) of its non-brokered private placement (the “Private Placement”) previously announced on October 13, 2021, of 1,903,499 units (the “Units”) at a price of $0.30 per Unit for gross proceeds of $571,050.00. Each Unit consists of one (1) share (each, a “Share”) and one-half-of-one (1/2) transferable Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one (1) additional Share of the Company for a period of two (2) years from closing at a price of $0.40 per Share, expiring February 11, 2024. Under the Third Tranche, the Company paid finders’ fees of $24,000 in cash and issued 80,000 compensation warrants (the “Compensation Warrants”) to arm’s-length third parties. Each Compensation Warrant entitles the holder thereof to purchase one (1) additional Share of the Company for a period of two (2) years from closing at a price of $0.40 per Share, expiring February 11, 2024. Pursuant to applicable securities laws, all securities issued under the Third Tranche Private Placement are subject to a statutory hold period of four months and a day expiring on June 12, 2022. The first tranche (the \"First Tranche\") closed on December 13, 2021 and consisted of the distribution of 2,477,667 Units for gross proceeds of $743,300.00 and under the First tranche the Company paid an aggregate cash finders’ fee of $43,584.00 representing 8% of the gross proceeds introduced by the finders and issued 145,280 compensation warrants of the Company to the finders representing 8% of the number of Units sold to subscribers introduced by the finders. The second tranche (the \"Second Tranche\") closed on January 12, 2022 and consisted of the distribution of 1,497,767 Units for gross proceeds of $449,330.00. No finders’ fees were paid in respect of the Second Tranche. The Company intends to use the net proceeds from the Private Placemen...