Business
Candente Gold announces Cross Distribution and Private Placement
VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Candente Gold Corp. (TSXV:CDG) ("Candente Gold” and/or the “Company”) is pleased to announce that
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Candente Gold Corp. (TSXV:CDG) (\"Candente Gold” and/or the “Company”) is pleased to announce that a it intends to complete a non-brokered private placement (the “Private Placement”) of up to 4,000,000 common shares (“Shares”) at a price of $0.05 per Share for gross proceeds to the Company of up to $200,000. Joanne Freeze, President and CEO, a control person of Candente Gold Corp., will subscribe for a minimum of 50% of the Private Placement. In connection with the Private Placement, Ms. Freeze plans to complete a cross distribution, whereby she will sell up to 2,000,000 Shares from her holdings in pre-arranged trades (the “Cross”) over the facilities of the TSX Venture Exchange Inc. (the “TSXV”). Ms. Freeze will use 100% of the proceeds from the Cross to subscribe for Shares in the Private Placement. The price at which the Cross is completed will be determined in the context of the market. The Private Placement and the Cross remain subject to all necessary regulatory approvals, including the approval of the TSXV. The Company intends to use the net proceeds of the Private Placement to advance the recently launched growth strategy to build a cash flowing business platform and gain access to properties with near surface exploration potential while advancing drill targets on the El Oro project, its flagship asset, and general working capital purposes. The Shares issued pursuant to the Private Placement will be subject to a four month’s hold period from the date of closing. The issuance of Shares to Ms. Freeze pursuant to the Private Placement is considered to be a related party transaction subject to TSXV Policy 5.9 and Multilateral Instrument 61-101. Ms. Freeze intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the Private Placement by Ms. Freeze will not exceed 25% of the fair market value of Candente Gold Corp’s market capitalization. The Private Placement has been approved by the board of directors of the Company. This press release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicita...