Private Placement
The private placement will be comprised of up to 4,000,000 units of the Company (the “Units”) at a price of $0.27 per Unit. Each Unit will be comprised of one common share of the Company (each, a “Share”) and one transferable common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share of the Company at an exercise price of $0.40 for a period of one year from closing of the private placement.
The proceeds from the sale of the Units will be used to increase working capital and to advance exploration of the Company’s mineral properties in the Golden Triangle of northwestern B.C.
All securities to be issued pursuant to the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to all necessary regulatory approvals including from the TSX Venture Exchange (the “TSXV”).