Pasofino Gold Limited announced a non-brokered private placement of up to 12,856,000 units at a price of CAD 0.50 per unit for gross proceeds of up to CAD 6,428,000 on August 8, 2022. The transaction may include participation from returning investor Esan Eczacibasi Endustriyel Hammaddeler San ve Tic AS. Each unit will consist of one common share and one half of one common share purchase warrant.

Each warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.65 for a period of 18 months. The company may, in its sole discretion, increase the offering by up to an additional 2,571,200 units for additional gross proceeds of CAD 1,285,600. The offering is expected to close in mid to late September 2022 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

The securities to be issued in the transaction will be subject to a hold period in Canada expiring four months and one day from the closing date of the transaction.