Proceeds to be used for drilling at Slate Falls and fieldwork at West Madsen
VICTORIA, BC / ACCESSWIRE / September 30, 2019 / GoldON Resources Ltd. (TSX-V:GLD) (“GoldON” or the “Company”) is pleased to announce the closing of the previously announced non-brokered private placement. The Company placed a total of 827,500 flow-through units at a price of $0.65 per unit (“FT units”) with qualified investors to raise $537,875 in gross proceeds. Each FT unit consists of one flow-through share and one non-transferable share purchase warrant entitling the holder to purchase one additional non-flow-through common share of the Company at a price of $1.00 per share until September 27, 2021.
All securities are subject to a four-month hold period and may not be traded until January 28, 2020, except as permitted by applicable securities legislation and the TSX Venture Exchange.
The Company paid finders’ fees in aggregate of $41,242.50 in cash and 35,850 in agent’s warrants exercisable at $0.65 per share until September 27, 2021 in respect of the offering. The Company will use the proceeds of the financing to fund the forthcoming drilling program at its 100% owned Slate Falls gold-silver project; and Phase II fieldwork on the West Madsen gold project, an option/JV with Great Bear Resources.
The Company would also like to announce it has arranged a non-brokered private placement of 170,000 non-flow-through units at a price of $0.60 per unit (“NFT units”) to a qualified investor to raise gross proceeds of $102,000. Each NFT unit will consist of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share of the Company at a price of $1.00 per share for a period of two years from the closing date.
Completion of this additional financing is subject to TSX Venture Exchange acceptance. The Company may pay a finder’s fee of up to 6% cash and 6% agent’s warrants on subscription proceeds. All securities issued pursuant to this offering will have a hold period expiring four months after the closing date. The net proceeds of this financing will be used for general working capital purposes.
About GoldON Resources Ltd.
GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Active projects include the West Madsen property in the Red Lake Gold Camp and our flagship Slate Falls project in the Patricia Mining Division where 18 Au-Ag mineralized zones have been identified over the 13-kilometre breadth of the property. GoldON has 14,952,282 shares issued and is fully funded to complete its fall exploration programs.
For additional information please visit our website and you can view our latest presentation by clicking here.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
Direct line: (204) 724-0613
Neither 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.
SOURCE: GoldON Resources Ltd.
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