Canadian Gold Corp. Closes First Tranche of Financing, Results of Recent Annual and Special Meeting of Shareholders, Election of Michael Swistun, CFA, to the Board of Directors

Rhea-AI Summary

Canadian Gold Corp. (TSXV: CGC) announced the closing of the first tranche of its private placement offering, issuing 1,968,750 flow-through shares at $0.16 each, raising $315,000. The company paid $15,900 in finder's fees and insiders subscribed for 312,500 shares. The funds will support Canadian exploration projects, qualifying as Canadian Exploration Expenditures. At the recent annual and special meeting, shareholders approved all items, including the election of Michael Swistun, CFA, President and CEO, to the board of directors.

Positive

• Raised $315,000 from the issuance of 1,968,750 flow-through shares.
• Funds allocated to Canadian exploration projects as Canadian Exploration Expenditures.
• Election of Michael Swistun, CFA, to the board of directors, indicating strong leadership.

Negative

• Paid $15,900 in finder's fees, reducing net proceeds from the financing.

Toronto, Ontario--(Newsfile Corp. - June 21, 2024) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce an initial first tranche closing of its private placement offering, by the issuance of 1,968,750 flow through shares at a price of $0.16 per share, for gross proceeds totalling $315,000.

In connection with this first tranche closing, the Company paid $15,900 in finders fees to eligible finders, and insiders subscribed for 312,500 of the total shares issued in this first tranche closing. All securities issued are subject to a hold period of four months.

The proceeds from the issuance of flow through shares shall be incurred on the Company's Canadian exploration projects, qualifying as Canadian Exploration Expenditures (CEE).

The Company further announces that all items of business at its recent annual general and special meeting of shareholders were approved. This included the election of Michael Swistun, CFA, President and CEO of Canadian Gold Corp., to the board of directors.

For Further Information, Please Contact:

Michael Swistun, CFA
President & Chief Executive Officer
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com

About Canadian Gold Corp.

Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The Company holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 36% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214046

FAQ

What amount was raised by Canadian Gold Corp. in the first tranche of its private placement offering?

Canadian Gold Corp. raised $315,000 in the first tranche of its private placement offering by issuing 1,968,750 flow-through shares at $0.16 each.

How many shares did insiders subscribe to in Canadian Gold Corp.'s recent financing?

Insiders subscribed to 312,500 shares in the first tranche of Canadian Gold Corp.'s recent financing.

What fees were paid by Canadian Gold Corp. in connection with the recent financing?

Canadian Gold Corp. paid $15,900 in finder's fees in connection with the recent financing.

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

The proceeds from Canadian Gold Corp.'s financing will be used for Canadian exploration projects, qualifying as Canadian Exploration Expenditures.

Who was elected to the board of directors at Canadian Gold Corp.'s recent shareholder meeting?

Michael Swistun, CFA, President and CEO of Canadian Gold Corp., was elected to the board of directors at the recent shareholder meeting.