GoldON Closes First Tranche of its Private Placement Financing

Rhea-AI Summary

GoldON Resources (TSXV: GLD) has completed the first tranche of its non-brokered private placement, raising $250,000 through the issuance of 10,000,000 Units at $0.025 per Unit. Each Unit includes one common share and one transferable warrant, allowing purchase of an additional common share at $0.05 for two years.

The company plans to allocate up to $200,000 of the proceeds to fund work at its 100%-owned Slate Falls Gold-Silver Property, with the remainder for working capital. The total offering aims to raise up to $400,000 through 16,000,000 Units. An accelerated expiry clause is triggered if the stock price reaches $0.20 for 10 consecutive trading days. Shares from this tranche have a hold period until July 21st, 2025.

Positive

• Secured $250,000 in first tranche financing
• Majority of proceeds ($200,000) allocated to development of Slate Falls Gold-Silver Property
• 100% ownership of Slate Falls Gold-Silver Property

Negative

• Significant dilution with 10M new units issued
• Low unit price of $0.025 indicates challenging market conditions
• Additional dilution possible with remaining $150,000 financing pending

Victoria, British Columbia--(Newsfile Corp. - March 20, 2025) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce that it has closed the first $250,000 tranche of its previously announced non-brokered private placement financing with qualified investors of up to 16,000,000 units (the "Units") for maximum gross proceeds of $400,000 (the "Offering").

In its first tranche, the Company issued 10,000,000 Units at a price of $0.025 per Unit. Each Unit consists of one common share and one transferable share purchase warrant (the "Warrant") that will entitle the holder to purchase one additional common share of the Company at a price of $0.05 per share for two years from the closing date. All shares issued in respect of this tranche will be subject to a hold period expiring July 21^st, 2025.

If at any time after the date of issuance of the Warrants, the closing price of the Company's common shares on the TSX Venture Exchange is at or above $0.20 per share for a period of 10 consecutive trading days (the "Triggering Event"), the Company may elect to accelerate the expiry date of the Warrants by delivering notice to the Warrant holders and issuing a news release announcing the Triggering Event, and in such case the Warrants will expire on the 30^th calendar day after the later of the date of such notice and the date of issuance of such news release.

The Company expects it will use up to $200,000 of the proceeds of the Offering to fund work at its 100%-owned Slate Falls Gold-Silver Property and the remainder for general working capital purposes. Management estimates that not more than 10% of the proceeds will be used for investor relations expenses and not more than 20% of the proceeds will be used for payments to non-arm's length parties. Completion of this Offering is subject to TSX Venture Exchange acceptance.

About GoldON Resources Ltd.

GoldON is a mineral exploration company focused on discovery-stage properties. Our goal is to add value by defining or redefining the exploration opportunity, maintain ownership control during the value creation phase of discovery, and then source a well-financed partner capable of accelerating discovery, resource definition, and development.

For more information, you can visit our website at goldonresources.com, download our investor presentation here, and follow us on X at https://x.com/GoldONResources.

ON BEHALF OF THE BOARD

Signed "Michael Romanik"
Michael Romanik, President
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: info@goldonresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements

This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245441

FAQ

What are the terms of GoldON Resources' (TSXV: GLD) private placement first tranche?

The first tranche raised $250,000 by issuing 10M Units at $0.025 each, with each Unit containing one common share and one warrant exercisable at $0.05 for two years.

How will GoldON Resources use the proceeds from its March 2025 private placement?

Up to $200,000 will fund work at the Slate Falls Gold-Silver Property, with the remainder for working capital. Maximum 10% for investor relations and 20% for non-arm's length payments.

What is the warrant acceleration clause in GoldON's 2025 financing?

If shares trade at or above $0.20 for 10 consecutive days, GoldON can accelerate warrant expiry to 30 days after notice.

When does the hold period expire for GoldON's March 2025 private placement shares?

The hold period for shares issued in this tranche expires on July 21st, 2025.