Gold Terra Announces Closing of Non-Flow-Through Portion of the Non-Brokered Private Placement
Gold Terra Resource Corp has closed a non-flow-through portion of its non-brokered private placement, raising C$510,000 through the sale of 10,200,000 common shares at C$0.05 per share. An insider participated with 2,000,000 shares. Additionally, the company announced preliminary closing of Charitable flow-through for C$1,134,000 at C$0.07 per share.
The proceeds will fund exploration drilling at the Con Mine Option property and Campbell shear target area. The current drilling program aims to increase resources near surface and south of Con Mine, which historically produced 5.1 Moz of gold at 16 g/t average grade. The drilling targets areas below existing underground workings, seeking to add high-grade ore to current resources.
Gold Terra Resource Corp ha chiuso una parte non flow-through del suo collocamento privato non brokerato, raccogliendo C$510,000 tramite la vendita di 10.200.000 azioni ordinarie a C$0,05 per azione. Un insider ha partecipato con 2.000.000 di azioni. Inoltre, l'azienda ha annunciato la chiusura preliminare del flow-through caritativo per C$1,134,000 a C$0,07 per azione.
I proventi finanzieranno la perforazione esplorativa presso la proprietà Con Mine Option e l'area obiettivo Campbell shear. L'attuale programma di perforazione mira ad aumentare le risorse vicino alla superficie e a sud della Con Mine, che storicamente ha prodotto 5,1 Moz di oro con un livello medio di 16 g/t. I progetti di perforazione puntano ad aree sotto i lavori sotterranei esistenti, cercando di aggiungere minerale ad alto grado alle risorse attuali.
Gold Terra Resource Corp ha cerrado una parte no flow-through de su colocación privada no intermediada, recaudando C$510,000 mediante la venta de 10.200.000 acciones comunes a C$0,05 por acción. Un interno participó con 2.000.000 de acciones. Además, la compañía anunció el cierre preliminar del flow-through caritativo por C$1,134,000 a C$0,07 por acción.
Los ingresos financiarán la perforación de exploración en la propiedad Con Mine Option y en el área objetivo Campbell shear. El programa de perforación actual tiene como objetivo aumentar los recursos cerca de la superficie y al sur de Con Mine, que históricamente produjo 5,1 Moz de oro a un grado promedio de 16 g/t. Los objetivos de perforación abarcan áreas por debajo de los trabajos subterráneos existentes, buscando agregar mineral de alta ley a los recursos actuales.
Gold Terra Resource Corp는 비중개 민간 배치의 비흐름구역을 종료하고, 주당 C$0.05에 10,200,000주를 판매하여 C$510,000을 모집했습니다. 내부 관계자가 2,000,000주에 참여했습니다. 또한, 회사는 C$1,134,000 규모의 자선 흐름구역의 초기 마감을 발표했습니다. 이 자선 흐름구역의 주가는 C$0.07입니다.
이 수익금은 Con Mine Option 소유지와 Campbell shear 목표 지역의 탐사 드릴링을 지원하는 데 사용됩니다. 현재의 드릴링 프로그램은 Con Mine 남부와 표면 가까이에 있는 자원을 증가시키는 것을 목표로 하며, 이 지역은 역사적으로 5.1 Moz의 금을 평균 16 g/t의 등급으로 생산했습니다. 드릴링 목표는 기존 지하 작업 아래 지역을 겨냥하여 현재 자원에 고급 광석을 추가하는 것입니다.
Gold Terra Resource Corp a clôturé une partie non flow-through de son placement privé non intermédié, levant C$510,000 grâce à la vente de 10.200.000 actions ordinaires à C$0,05 par action. Un initié a participé avec 2.000.000 d'actions. De plus, la société a annoncé la clôture préliminaire du flow-through caritatif pour C$1,134,000 à C$0,07 par action.
Les recettes financeront le forage exploratoire sur la propriété Con Mine Option et dans la zone cible Campbell shear. Le programme de forage actuel vise à augmenter les ressources près de la surface et au sud de Con Mine, qui a produit historiquement 5,1 Moz d'or avec une teneur moyenne de 16 g/t. Les cibles de forage concernent des zones sous les travaux souterrains existants, à la recherche d'ajouter du minerai de haute qualité aux ressources actuelles.
Gold Terra Resource Corp hat einen nicht steuerbegünstigten Teil ihrer nicht vermittelten Privatplatzierung abgeschlossen und C$510,000 durch den Verkauf von 10.200.000 Stammaktien zu C$0,05 pro Aktie gesammelt. Ein Insider beteiligte sich mit 2.000.000 Aktien. Darüber hinaus gab das Unternehmen den vorläufigen Abschluss eines wohltätigen Flussplatzierungsangebots für C$1,134,000 zu C$0,07 pro Aktie bekannt.
Die Einnahmen dienen der Finanzierung der Explorationsbohrungen auf dem Grundstück Con Mine Option und im Zielgebiet Campbell shear. Das derzeitige Bohrprogramm zielt darauf ab, die Ressourcen nahe der Oberfläche und südlich der Con Mine zu erhöhen, die historisch 5,1 Moz Gold mit einem durchschnittlichen Gehalt von 16 g/t produziert hat. Die Bohrziele betreffen Bereiche unterhalb bestehender unterirdischer Arbeiten, in der Hoffnung, hochwertiges Erz zu den aktuellen Ressourcen hinzuzufügen.
- Raised C$510,000 through non-flow-through private placement
- Additional C$1,134,000 raised through Charitable flow-through
- Strong backing from existing major shareholders including Eric Sprott and Mackenzie Fund
- Property has existing infrastructure including Robertson shaft and water treatment plant
- Insider participation and share issuance indicates dilution for existing shareholders
- Four-month hold period restriction on new securities
VANCOUVER, BC / ACCESSWIRE / December 4, 2024 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQB:YGTFF) ("Gold Terra" or the "Company") is pleased to announce the closing of a non-flow-through (NFT) portion of the non-brokered private placement announced on October 30, 2024 (the "Offering") for gross proceeds of C
An insider of Gold Terra participated in the Offering and will be issued an aggregate of 2,000,000 Common 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
A finder's fee of
In addition to the NFT portion announced today, the Company is please to announce the preliminary closing of the Charitable flow-through for a total amount of
The net proceeds from the Offering will be used for exploration expenditures for drilling on the Con Mine Option property, and the Campbell shear target area on the Company's
Gerald Panneton, Chairman & CEO commented, "We are pleased with the continued support of existing shareholders such as Eric Sprott, and Mackenzie Fund which will allow us to continue to explore and develop our high-grade assets. Our wedging program is scheduled to restart in early January to test the Campbell shear structure from our completed master hole GTCM24-056 below the existing workings of the Con Mine which produced 5.1 Moz of gold at an average grade of 16 g/t.."
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
How much did Gold Terra (YGTFF) raise in its December 2024 private placement?
What is the price per share for Gold Terra's (YGTFF) December 2024 private placement?
What will Gold Terra (YGTFF) use the December 2024 private placement proceeds for?
