Gold Terra Announces Closing of C$1,314,000 Charitable Flow-Through and Flow-Through Non-Brokered Private Placement
Gold Terra Resource Corp has closed its flow-through (FT) and charitable flow-through (CFT) non-brokered private placement, raising total gross proceeds of C$1,314,000. The company issued 3,000,000 FT shares at C$0.06 per share and 16,200,000 CFT shares at C$0.07 per share.
This offering adds to previously announced non-flow-through private placements totaling C$1,082,500, bringing the total raised to C$2,396,500. Company insiders participated by purchasing 600,000 FT shares. The proceeds will fund Canadian exploration expenses at the company's Northwest Territories projects, focusing on testing the Campbell Shear structure below the Con Mine, which historically produced 5.1 Moz of gold at 16 g/t.
Gold Terra Resource Corp ha chiuso il suo collocamento privato non mediato a flusso (FT) e a flusso caritatevole (CFT), raccogliendo un totale di C$1,314,000. L'azienda ha emesso 3.000.000 di azioni FT a C$0.06 per azione e 16.200.000 di azioni CFT a C$0.07 per azione.
Questa offerta si aggiunge ai precedenti collocamenti privati non a flusso per un totale di C$1,082,500, portando il totale raccolto a C$2,396,500. I membri interni dell'azienda hanno partecipato acquistando 600.000 azioni FT. I proventi finanzieranno le spese di esplorazione in Canada nei progetti dell'azienda nei Territori del Nord-Ovest, concentrandosi sul testare la struttura Campbell Shear sotto la Con Mine, che storicamente ha prodotto 5,1 Moz di oro a 16 g/t.
Gold Terra Resource Corp ha cerrado su colocación privada no mediada de flujo (FT) y de flujo caritativo (CFT), recaudando un total de C$1,314,000. La empresa emitió 3,000,000 de acciones FT a C$0.06 por acción y 16,200,000 de acciones CFT a C$0.07 por acción.
Esta oferta se suma a colocaciones privadas previamente anunciadas, no de flujo, que totalizan C$1,082,500, elevando el total recaudado a C$2,396,500. Los miembros internos de la empresa participaron comprando 600,000 acciones FT. Los fondos se destinarán a gastos de exploración en Canadá en los proyectos de la empresa en los Territorios del Noroeste, centrándose en probar la estructura Campbell Shear debajo de la Con Mine, que históricamente produjo 5.1 Moz de oro a 16 g/t.
Gold Terra Resource Corp는 비중개형 유동성(FT) 및 자선 유동성(CFT) 사모 배정을 종료하고 총 C$1,314,000의 수익을 올렸습니다. 회사는 C$0.06에 3,000,000개의 FT 주식과 C$0.07에 16,200,000개의 CFT 주식을 발행했습니다.
이번 공모는 이전에 발표된 유동성 비사모 배정 총액 C$1,082,500에 추가되어 총 모금액은 C$2,396,500에 이릅니다. 회사 내부자들은 600,000개의 FT 주식을 구매하여 참여했습니다. 이 수익은 회사의 북서 준주 프로젝트에서 캐나다 탐사 비용을 위한 것으로, 역사적으로 5.1 Moz의 금을 16 g/t의 품위로 생산한 Con Mine 아래의 Campbell Shear 구조 테스트에 집중할 것입니다.
Gold Terra Resource Corp a clôturé son placement privé non-intermédié de flux (FT) et de flux caritatif (CFT), levant un total de C$1,314,000. La société a émis 3,000,000 actions FT à C$0,06 par action et 16,200,000 actions CFT à C$0,07 par action.
Cette offre s'ajoute aux placements privés non liquide précédemment annoncés, totalisant C$1,082,500, portant le total levé à C$2,396,500. Les initiés de la société ont participé en achetant 600,000 actions FT. Les fonds serviront à financer les dépenses d'exploration au Canada pour les projets de la société dans les Territoires du Nord-Ouest, en mettant l'accent sur l'évaluation de la structure Campbell Shear sous la Con Mine, qui a historiquement produit 5,1 Moz d'or à 16 g/t.
Gold Terra Resource Corp hat ihre nicht vermittelte Private Placement für Flow-Through (FT) und charitable Flow-Through (CFT) abgeschlossen und insgesamt C$1,314,000 Bruttoerträge erzielt. Das Unternehmen hat 3.000.000 FT-Aktien zu je C$0,06 und 16.200.000 CFT-Aktien zu je C$0,07 ausgegeben.
Dieses Angebot ergänzt zuvor angekündigte nicht Flow-Through Private Placements in Höhe von insgesamt C$1,082,500 und bringt den insgesamt gesammelten Betrag auf C$2,396,500. Unternehmensinsider haben durch den Kauf von 600.000 FT-Aktien teilgenommen. Die Mittel werden verwendet, um die Explorationsausgaben in Kanada für die Projekte des Unternehmens in den Nordwest-Territorien zu finanzieren, wobei der Schwerpunkt auf der Erprobung der Campbell Shear-Struktur unterhalb der Con Mine liegt, die historisch 5,1 Moz Gold bei 16 g/t produziert hat.
- Successful fundraising of C$2,396,500 through private placements
- Support from major investors including Eric Sprott and Mackenzie Fund
- Funds secured for exploration of Campbell Shear structure with historical high-grade production of 14 Moz gold at 16-22 g/t Au
- Existing infrastructure including Robertson shaft and water treatment plant reduces capital requirements
- Share dilution through issuance of 19.2 million new shares
- Related party transactions through insider participation in the offering
VANCOUVER, BC / ACCESSWIRE / December 16, 2024 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQB:YGTFF) ("Gold Terra" or the "Company") is pleased to announce the closing of its flow-through (FT) and charitable flow-through (CFT) portions of the non-brokered private placement previously announced on December 11, 2024 and October 30, 2024 (the "Offering"). The Company raised gross proceeds of C
The Offering is in addition to the previously announced closings of non-brokered non-flow-through private placements for gross proceeds of C
Insiders of Gold Terra participated in the Offering by purchasing FT Shares and will be issued an aggregate of 600,000 FT Shares. Such participation in the Offering constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("61-101"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities exceed
All securities are subject to a four-month hold period from the date of closing.
The Company will use an amount equal to the gross proceeds from the Offering, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in the Northwest Territories, on or before December 31, 2025, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares and CFT Shares effective December 31, 2024.
Gerald Panneton, Chairman & CEO commented, "We are pleased with our successful financing for a total of C
The current drill program at the Con Mine is aimed at increasing our current Indicated and Inferred resource (MRE October 2022) near surface and south of the Con Mine, targeting the prolific Campbell Shear structure which produced 14 Moz of gold at an average grade of 16-22 g/t Au. The current drilling is targeting below the existing underground workings, where the potential exists to add significant free milling high grade ore. The Con Mine property has excellent infrastructure including the Robertson shaft, water treatment plan (2015), warehouse and offices, etc. The Con Mine closed in 2003, with approximately 650,000 ounces at 11-12 g/t Au in historic reserves and combined resources. Please refer to the October 21, 2022 technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company's website at https://www.goldterracorp.com and on SEDAR at www.sedarplus.com.
*Note: The Historic Reserves and Resources quoted above are historical in nature and are not NI 43-101 compliant. They were compiled and reported by MNML during its operation and closure of the Con Mine (2003). The historical estimates are historical in nature and should not be relied upon, however, they do give indications of mineralization on the property. The Qualified Person has not done sufficient work to classify them as current Mineral Resources or Mineral Reserves and Gold Terra is not treating the historical estimates as current Mineral Resources or Mineral Reserves.
The technical information contained in this news release has been reviewed and approved by Joseph Campbell, Chief Operating Officer, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Gold Terra
The Yellowknife Project (YP) encompasses 918 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where approximately 14 Moz of gold has been produced, (refer to Gold Terra Oct 21, 2022, Technical Report) and most recently on the Con Mine Option (CMO) property claims immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003).
The YP and CMO properties lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
Visit our website at www.goldterracorp.com.
For more information, please contact:
Gerald Panneton, Chairman & CEO
gpanneton@goldterracorp.com
Mara Strazdins, Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
strazdins@goldterracorp.com
Neither the 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.
Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute "forward-looking information" within the meaning of applicable securities legislation ("forward-looking information"). Generally, this forward-looking information can, but not always, be identified by 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 statements that certain actions, events, conditions or results "will", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the expected closing date of the Offering and use of proceeds from the Offering, and the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in the Company's most recent MD&A and annual information form available under the Company's profile at www.sedar.com.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
Information Concerning Estimates of Mineral Resources
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of "Measured Mineral Resources," "Indicated Mineral Resources," or "Inferred Mineral Resources" will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
SOURCE: Gold Terra Resource Corp
View the original press release on accesswire.com
FAQ
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What is the price per share for Gold Terra's (YGTFF) December 2024 flow-through shares?
How many shares were issued in Gold Terra's (YGTFF) December 2024 private placement?
What will Gold Terra (YGTFF) use the December 2024 private placement proceeds for?
What was the historical production of the Con Mine that Gold Terra (YGTFF) is exploring?
