The Company has issued a total of 1,820,678 units in the flow-through portion of the Financing at a price of
All FT Shares and Warrants issued are subject to a four month hold period from the date of closing. Post expiration of the hold period, the Company can elect to accelerate the expiry of the Warrants in the event that the volume-weighted average trading price of its common shares on a stock exchange equals or exceeds
The proceeds from the issuance of the FT Units will be used for 'Canadian exploration expenses' and will qualify as 'flow-through mining expenditures' (the 'Qualifying Expenditures'), as defined in subsection 127(9) of the Income Tax Act (
The Company also announces that Mr.
The remaining portion of the Financing is expected to close in
The Financing remains subject to all necessary regulatory approvals, including the final acceptance of the
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the '
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Cautionary Note
This news release contains certain forward-looking statements, including statements regarding the Financing; the Company's ability to complete the Financing and receive acceptance from the Exchange to the completion of the Financing; the Company's proposed plans for the exploration of the Company's properties; and the intended uses of the proceeds from the Financing.. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the Company does not complete all or any part of the Financing; the Company does not receive regulatory acceptance to the Financing; changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf, unless otherwise required pursuant to applicable laws.
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