Waraba Gold Limited Announces Private Placement to Fund Exploration Activities

Rhea-AI Summary

Waraba Gold announces a non-brokered private placement to raise up to $1,000,000 for exploration activities, offering 33,333,333 common shares at $0.03 per share. The proceeds will fund immediate exploration efforts.

Vancouver, British Columbia--(Newsfile Corp. - April 15, 2024) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE0) (OTC Pink: WARAF) (the "Company" or "Waraba") is pleased to announce a non-brokered private placement financing for gross proceeds of up to $1,000,000 through the issuance of up to 33,333,333 common shares in the capital of the Corporation (the "Common Shares") at a price of $0.03 per share (the "Private Placement"). Proceeds raised from the Private Placement will be used for to fund the Company's immediate exploration activities.

The Common Shares issued under the Private Placement will be subject to a statutory hold period expiring four months and one day from the date of issuance. Closing of the Private Placement may be completed in one or more tranches with the closing of first tranche expected to occur on or about the first week of April 2024, with closing and pricing thereof subject to the review and approval of the Canadian Securities Exchange.

This Private Placement follows the Company's closing of its prior private placement of Common Shares, as disclosed in its press release dated March 13, 2024, where the Company announced the first tranche closing of $276,677.97 through the issuance of 9,222,599 Common Shares at a price of $0.03 per Common Share. There were no closings on any additional tranches subsequent to the closing of the first tranche.

About Waraba Gold Limited

The Company is a resource exploration company that is acquiring and exploring mineral properties. The Company is a reporting issuer in the provinces of British Columbia and Alberta. The Company's common shares trade on the Canadian Securities Exchange under the trading symbol "WBGD" and on the Frankfurt Stock Exchange under the trading symbol "ZE0".

For more information about the Company, please refer to the Company's profile available on SEDAR+ (www.sedarplus.ca).

On Behalf of the Board of Directors

Carl Esprey
Chief Executive Officer, Chief Financial Officer, and Director
Telephone: +1 312 235 2605
Email: cesprey@warabagold.com

Forward-Looking Information

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".

The forward-looking information and forward-looking statements contained herein may include, but are not limited to, information concerning the Company closing the Private Placement according to the terms indicated in this press release. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward- looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward- looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward- looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205587

FAQ

What is Waraba Gold announcing?

Waraba Gold is announcing a non-brokered private placement to raise funds for exploration activities.

How much money is Waraba Gold looking to raise?

Waraba Gold is looking to raise up to $1,000,000 through the private placement.

How many common shares is Waraba Gold offering?

Waraba Gold is offering 33,333,333 common shares at a price of $0.03 per share.

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

The proceeds raised from the private placement will be used to fund the company's immediate exploration activities.

When will the statutory hold period expire for the common shares issued?

The common shares issued under the private placement will be subject to a statutory hold period expiring four months and one day from the date of issuance.