Falcon Oversubscribes Private Placement - Closes $535,210

Rhea-AI Summary

Falcon Gold Corp. (FGLDF) has successfully oversubscribed its non-brokered private placement, raising $535,210 by issuing 4,117,000 Flow-Through Units priced at $0.13 each. Each unit includes one flow-through common share and one-half warrant, which allows purchase of one non-flow-through common share at $0.25 for 24 months. Proceeds are earmarked for exploration of projects in British Columbia, Ontario, and Newfoundland, while a finder's fee of $31,800 will be paid. Securities are subject to a statutory hold for four months.

Positive

• Oversubscribed private placement raised $535,210.
• Proceeds will support exploration and development in multiple regions.
• Finders' fee structured within TSX guidelines.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 30, 2021 / FALCON GOLD CORP. (TSXV:FG)(FSE:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to report it has oversubscribed its non-brokered private placement announced on September 24^th 2021. The Company has raised a total of $535,210 by issuing 4,117,000 Flow-Through Units (the "FT Offering").

Each unit priced at $0.13 will consist of one flow-through common share and one-half of one common share purchase warrant; each whole warrant ("Warrant") entitling the holder to subscribe for and purchase one non-flow-through common share ("Warrant Shares") at a price of $0.25 for a period of 24 months following the acceptance date. The shares and warrants are subject to a four-month hold (as per TSX Venture Exchange policy).

The aggregate gross proceeds from the sale of the FT Offering will be used for exploration and development of the Company's British Columbia, Ontario and Newfoundland projects. A fee will be paid in connection with the offering to GloRes Securities in the amount of $ 31,800 subject to TSX Venture guidelines.

All securities issued in connection with the FT Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering, and payment of the Finders' fee are subject to the approval of the Exchange.

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20 km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off of the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.

The Company holds 7 additional projects. The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Sokoman-Benton's JV, and Marvel Discovery in Central Newfoundland.

CONTACT INFORMATION:

Falcon Gold Corp.

"Karim Rayani"

Karim Rayani
Chief Executive Officer, Director

Telephone: (604) 716-0551
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 source version on accesswire.com:
https://www.accesswire.com/666296/Falcon-Oversubscribes-Private-Placement--Closes-535210

FAQ

What is the amount raised in Falcon Gold's recent private placement?

Falcon Gold raised $535,210 in its recent oversubscribed private placement.

What is the price per unit for Falcon Gold's Flow-Through Units?

The Flow-Through Units were priced at $0.13 each.

How long do warrant holders have to exercise their warrants from Falcon Gold's offering?

Warrant holders have 24 months to exercise their warrants at a price of $0.25.

What will the proceeds from Falcon Gold's offering be used for?

Proceeds will be used for exploration and development of projects in British Columbia, Ontario, and Newfoundland.

Is there a holding period for the securities issued in Falcon Gold's private placement?

Yes, there is a statutory hold period of four months on the securities issued.