Vancouver, Canada – June 7, 2019 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (the “Company” or “Tudor Gold”) is pleased to announce that it has closed its non-brokered private placement (the “Offering”) of flow-through units of the Company (“FT Units”) and non-flow-through units of the Company (“Non-FT Units”), originally announced in the Company’s press releases dated May 28, 2019 and June 5, 2019, for aggregate gross proceeds to the Company of $2,302,135.
(Not for distribution to United States newswire services or for dissemination in the United States) Vancouver, Canada – June 7, 2019 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (the “Company” or “Tudor Gold”) is pleased to announce that it has closed its non-brokered private placement (the “Offering”) of flow-through units of the Company (“FT Units”) and non-flow-through units of the Company (“Non-FT Units”), originally announced in the Company’s press releases dated May 28, 2019 and June 5, 2019, for aggregate gross proceeds to the Company of $2,302,135. The Company has issued an aggregate of 5,625,000 FT Units at a purchase price of $0.32 per FT Unit, for gross proceeds of $1,800,000 and 1,673,784 Non-FT Units at a purchase price of $0.30 per Non-FT Unit, for gross proceeds of $502,135. For further details on the FT Units and the Non-FT Units, please see the Company’s press releases dated May 28, 2019 and June 5, 2019. The proceeds from the sale of the FT Units will be used to fund Company’s 2019 Treaty Creek and other exploration plans at Tudor Gold’s projects in British Columbia’s Golden Triangle. The proceeds from the Non-FT Units will be used for general corporate working capital purposes. All securities to be issued pursuant to the Offering will be subject to a four month hold period ending on October 7, 2019, in accordance with applicable Canadian securities laws, in addition to any other restrictions applicable under the policies of the TSX Venture Exchange or securities laws of jurisdictions outside Canada where the FT Units and Non-FT Units are sold. In connection with the Offering, the Company paid aggregate cash finders’ fees to qualified finders of $132,800, representing 6% of the gross proceeds in respect of certain subscriptions. The Company also issued 222,500 non-transferable finders’ warrants to qualified finders, with each finders’ warrant being exercisable to acquire one common share of the Company (a “Common Share”) at an exercise price of $0.32 until June 6, 2021. The securities issued pursuant to the Offering have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale, or solicitation would be unlawful. Strategic Investment by Mr. Eric Sprott Mr. Eric Sprott directly, and through 2176423 Ontario Ltd. (a company beneficially owned by Mr. Sprott), acquired 2,062,500 FT Units and 1,133,334 Non-FT Units, respectively, pursuant to the Offering, for total consideration of $1,000,000. Prior to the Offering, Mr. Sprott beneficially owned or controlled 6,000,000 Common Shares and 6,000,000 share purchase warrants of the Company, representing approximately 5.4% of the issued and outstanding Common Shares on a non-diluted basis and approximately 10.2% of the issued and outstanding Common Shares on a partially-diluted basis. As a result of the Offering, Mr. Sprott beneficially owns or controls 9,195,834 Common Shares and 8,164,584 warrants of the Company representing approximately 7.7% of the issued and outstanding Common Shares on a non-diluted basis and approximately 13.6% of the issued and outstanding Common Shares on a partially-diluted basis. The FT Units and Non-FT Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Mr. Sprott’s early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
Contact Information
Catalin Kilofliski
Director Corporate Development and Communications
Phone:+1 604 559 8092
Email:catalin@tudor-gold.com