GGX Gold Corp Announces Flow-Through Financing

Rhea-AI Summary

GGX Gold Corp. has announced a non-brokered private placement of up to 2 million flow-through shares priced at $0.08 each, aiming for gross proceeds of $160,000. The proceeds will be directed towards exploration work on the Gold Drop Property in British Columbia's Greenwood mining camp. Each share will come with a warrant, allowing purchase of an additional share at $0.10 within 24 months. Participation is open to directors and insiders, pending TSX-V approval.

Positive

• Non-brokered private placement could strengthen financial position by raising $160,000.
• Funds will support exploration of Gold Drop Property, potentially increasing asset value.

Negative

• Reliance on external financing may indicate potential liquidity risks.
• Future exploration success is uncertain, with risks inherent in resource exploration.

VANCOUVER, BC / ACCESSWIRE / December 16, 2022 / GGX Gold Corp. (TSX-V:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to announce it has arranged a non-brokered private placement of up to 2 million flow through shares at a price of $0.08 per share for gross proceeds of $160,000. Each flow-through unit will comprise of one common share (which is a flow-through share for Canadian income tax purposes) and one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at the price of $0.10 for 24 months after closing.

Proceeds from the private placement will be used for the continued exploration work on the Gold Drop Property in the Greenwood mining camp of south-central British Columbia.

A finder's fee may be paid to eligible finders in accordance to the TSX-V policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offerings and payment of finders' fees are both subject to approval by the TSX-V.

Directors, officers or other insiders of the Company may participate in the offering.

On Behalf of the Board of Directors
Quinn Field - Dyte, President
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 Revolver 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.

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FAQ

What is GGX Gold Corp's recent private placement announcement?

GGX Gold Corp announced a non-brokered private placement to raise up to $160,000 by offering 2 million flow-through shares at $0.08 each.

What will the proceeds from the private placement be used for?

The proceeds will be used for continued exploration work on the Gold Drop Property in British Columbia.

What are the terms of the warrants associated with the private placement?

Each flow-through unit includes a warrant allowing the purchase of one additional common share at $0.10 for 24 months.

Is there any insider participation in the private placement?

Yes, directors, officers, or other insiders of GGX may participate in the offering.

What is the risk associated with GGX's forward-looking statements?

The forward-looking statements involve risks and uncertainties, including the speculative nature of resource exploration and the company's ability to secure necessary financing.