Falcon Closes Final Tranche Of Private Placement

Rhea-AI Summary

Falcon Gold Corp. closes final tranche of private placement, raising $159,455.01. Proceeds to be used for general working capital and exploration. Company issues 5,315,167 units at $0.03 per unit.

VANCOUVER, BC / ACCESSWIRE / February 21, 2024 / FALCON GOLD CORP. (TSX-V:FG)(FSE:3FA)(OTCQB:FGLDF) (the "Company") announces that it has closed the final tranche of its previously announced non-brokered private placement (the "Private Placement") by issuing 5,315,167 units (the "Units") at $0.03 per Unit for gross proceeds of $159,455.01 (the "Final Tranche").

Each Unit consists of one common share of the Company (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire an additional Share at an exercise price of $0.05 per Share for a period of five years.

In connection with the Final Tranche, the Company paid finder's fees consisting of $2,100 cash and 70,000 finder's warrants (the "Finder Warrants") to Raymond James Ltd. Each Finder Warrant entitles the holder thereof to acquire one Share at an exercise price of $0.05 per Share for a period of two years.

Pursuant to the Private Placement, the Company issued an aggregate 7,481,834 Units at $0.03 per Unit for aggregate gross proceeds of $224,455.02.

The proceeds from the Final Tranche will be used for general working capital purposes, more specifically for general and administrative expenses (50%) and for exploration on its Canadian projects (50%). None of the proceeds from the Final Tranche will be used for payments to non-arm's length parties or persons conducting investor relations activities.

All securities issued in connection with the Final Tranche will be subject to a statutory hold period expiring four months and one day after the issuance date. Final acceptance is subject to the TSX Venture Exchange.

CONTACT INFORMATION:

Falcon Gold Corp. "Karim Rayani" Karim Rayani Chief Executive Officer, Director

Telephone: (604) 716-1036
Email: info@falcongold.ca

Cautionary Language and Forward-Looking Statements

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Falcon Gold Corp.

View the original press release on accesswire.com

FAQ

What is the purpose of Falcon Gold Corp.'s private placement?

The purpose of Falcon Gold Corp.'s private placement is to raise funds for general working capital purposes and exploration on its Canadian projects.

How many units did Falcon Gold Corp. issue in the final tranche of the private placement?

Falcon Gold Corp. issued 5,315,167 units in the final tranche of the private placement.

What is the exercise price of the share purchase warrant issued by Falcon Gold Corp.?

The exercise price of the share purchase warrant issued by Falcon Gold Corp. is $0.05 per share for a period of five years.

Who received finder's fees in connection with Falcon Gold Corp.'s private placement?

Raymond James Ltd. received finder's fees in connection with Falcon Gold Corp.'s private placement.

What will the proceeds from the final tranche be used for?

The proceeds from the final tranche will be used for general working capital purposes, with 50% allocated to general and administrative expenses and 50% for exploration on Canadian projects.