Each Unit consists of one common share and one-half of one share purchase warrant (each whole warrant, a 'Warrant'). Each Warrant entitles the holder to purchase one common share at a price of
Gold Line intends to use the proceeds from the Financing for drilling and other exploration activities and general working capital purposes.
Under the first tranche of the Financing, the Company paid
Certain insiders of the Company participated in the Private Placement and acquired an aggregate of 700,000 Units. Their purchases constitute 'related party transactions' within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The issuances are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as they are distributions of securities for cash and the fair market value of the Units issued to, and the consideration paid by, the insiders did not exceed 25% of the Company's market capitalization. No new insiders were created, nor any change of control occurred, as a result of the first tranche of the Financing.
Completion of the second tranche of the Financing remains subject to approval from the
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Gold Line is focused on acquiring mineral properties with exceptional exploration potential in the most prolific gold-producing regions of
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that constitute 'forward-looking statements.' Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Gold Line's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects,' 'plans,' 'anticipates,' 'believes,' 'intends,' 'estimates,' 'projects,' 'potential' and similar expressions, or that events or conditions 'will,' 'would,' 'may,' 'could' or 'should' occur.
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