GGX Gold Closes Financing

Rhea-AI Summary

GGX Gold Corp. has successfully closed a non-brokered private placement, issuing 2,050,581 shares at a price of $0.1463 per share, resulting in gross proceeds of $300,000. Each unit consists of one common share and one full share purchase warrant, exercisable for three years at $0.2438 per share. The funds will be allocated for general working capital and ongoing exploration at the Gold Drop property in Southern British Columbia. The closure is pending final approval by the TSX-V, with a hold expiry date set for July 16, 2021.

Positive

• Successfully raised $300,000 through private placement.
• Funds to support exploration at Gold Drop property.

Negative

• Financing dependent on final TSX-V approval.
• Risks remain regarding future exploration and funding.

VANCOUVER, BC / ACCESSWIRE / March 15, 2021 / GGX Gold Corp. (TSXV:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to announce that it has closed its previously announced non-brokered private placement of March 9, 2021 by issuing 2,050,581 shares at a price of $0.1463 per unit for gross proceeds of $300,000. The units of the financing will comprise of one common share and a full share purchase warrant, which may be exercised for a period of three years at a price of $0.2438 per share. The proceeds of the private placement will be used for general working capital and continued exploration work at the Company's Gold Drop property near Greenwood in Southern British Columbia.

The Company announces July 16, 2021 as the hold expiry date for this final tranche.

The closing of the private placement financing is subject to final TSX-V approval.

On Behalf of the Board of Directors
Barry Brown, CEO
604-488-3900
Office@GGXgold.com

Investor Relations: IR@GGXgold.com

Forward Looking Statement

This News Release may contain forward-looking statements including but not limited to comments regarding the acquisition of certain mineral claims. 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 and GGX Gold undertakes no obligation to update such statements, except as required by law.

Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

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: GGX Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/635645/GGX-Gold-Closes-Financing

FAQ

What is the gross proceeds amount raised by GGX Gold Corp in the recent private placement?

GGX Gold Corp raised $300,000 in gross proceeds.

What is the expiry date for the hold on shares from GGX Gold's latest financing?

The hold expiry date for the final tranche is July 16, 2021.

What are the terms of the warrants issued in GGX Gold Corp's private placement?

The warrants can be exercised for three years at a price of $0.2438 per share.

What will the proceeds from GGX Gold Corp's financing be used for?

The proceeds will be used for general working capital and exploration work at the Gold Drop property.

Is the financing by GGX Gold Corp subject to any approvals?

Yes, the closing of the financing is subject to final approval by the TSX-V.