White Gold Corp. Completes Offerings to Raise Aggregate Gross Proceeds of C$15 Million; Agnico Eagle Mines and Kinross Gold Corp. Each Maintain 19.6% Interest

About this update from White Gold Corp.

[{"type":"text","content":" NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES TORONTO, Nov. 08, 2018 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company”) is pleased to announce the completion of its previously announced offering (the “Public Offering”) of common shares (“Common Shares”) issued on a flow-through basis (the “FT Shares”) and concurrent brokered private placement (the “Concurrent Private Placement”, and together with the Public Offering, the “Offering”) of Common Shares with a syndicate of underwriters (the “Underwriters”) led by Clarus Securities Inc. and including GMP Securities L.P., Canaccord Genuity Corp. and Sprott Private Wealth L.P. The Public Offering consisted of the sale of 5,000,000 FT Shares issued at a price of C$2.00 per FT Share for aggregate gross proceeds of C$10,000,000, and the Concurrent Private Placement consisted of the sale of 3,333,332 Common Shares at a price of C$1.50 per Common Share for aggregate gross proceeds of C$5,000,000. The gross proceeds from the sale of the FT Shares will be used by the Company to incur exploration expenditures on its properties in the White Gold District of the Yukon Territory (the “Qualifying Expenditures”) prior to December 31, 2019.  The Qualifying Expenditures will be renounced to subscribers of FT Shares for the fiscal year ended December 31, 2018. The net proceeds from the sale of the Common Shares will be used for general corporate expenses. Pursuant to existing investor rights agreements between the Company and Agnico Eagle Mines Limited (“Agnico”) (TSX: AEM, NYSE: AEM) and the Company and Kinross Gold Corp (“Kinross”) (TSX: K, NYSE: KGC), each of Agnico and Kinross exercised its right to participate in the Offering by purchasing 1,666,666 Common Shares pursuant to the Concurrent Private Placement. As a result, each of Agnico and Kinross holds an approximate 19.6% interest in the Company after giving effect to the Offering. In addition, certain directors and officers of the Company (and together with Agnico and Kinross, the “Insiders”) purchased an aggregate of 37,500 FT Shares pursuant to the Public Offering. David D’Onofrio, the Chief Executive Officer of the Company, stated, “We are very pleased to close this financing maintaining our strong financial position as we further explore ou...

More updates from White Gold Corp.