UrbanGold Minerals Inc. ("
UrbanGold" or the
"
Company” | TSXV: UGM) is pleased to announce that
it has closed its initial public offering (“the Offering”).
The investors subscribed for $2,479,935
representing approximately 83% of the maximum size of the total
Offering. A total of 10,805,500 units were sold at a price of $0.10
per unit, each unit consisting of 1 common share and ½ common share
purchase warrant exercisable for 1 year at a price of $0.13. A
total of 10,764,500 flow-through common shares were sold at a price
of $0.13.
In connection with the Offering, Industrial
Alliance Securities Inc. (“the Agent”), together with other members
of the selling group, received a $185,995 cash commission and
compensation options entitling them to purchase 810,412 common
shares at a price of $0.10 until December 27, 2020 and 807,337
common shares at a price of $0.13 until December 27,
2020.
UrbanGold’s common shares will start trading on
December 31, 2018 on the TSX Venture Exchange (“the TSXV”) under
the symbol “UGM”.
The Company intends to use the proceeds of the
Offering to fund the phase one exploration work on its material
property, the Monaco Property, as well as general corporate
purposes. The phase one exploration work has been recommended
by the author of the Technical Report obtained by UrbanGold on the
Monaco Property.
The Monaco Property is located in the Province
of Quebec, Canada, approximately 80km south-southwest of the town
of Chibougamau and approximately 65 km south-southeast of Chapais
and is comprised of 301 claims covering an area of approximately
16,658 hectares (41,163 acres). The Monaco Property claims are
easily accessible via a series of new forestry roads.
UrbanGold’s Technical Report on the Monaco
Property and final prospectus dated December 13, 2018 (the “Final
Prospectus”) are available for review under the Company’s profile
on SEDAR at www.sedar.com.
“Getting listed on the TSXV is a great
accomplishment for UrbanGold, shareholders. Our focus will be the
advancement of our Québec exploration opportunities,” said Trevor
Richardson, Chief Executive Officer. “I am excited to be leading
UrbanGold with its high-quality exploration projects and with our
team we fully intend to build significant value for our
shareholders”.
The securities described herein have not been
registered under the United States Securities Act of 1933, as
amended, or any United States state securities laws, and may not be
offered or sold in the United States or to the account or benefit
of a U.S. person absent an exemption from the registration
requirements of such Act and applicable United States state
securities laws. This release shall not constitute an offer
to sell, or a solicitation of an offer to buy, securities in the
United States, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
Qualified Person
Claude Larouche, B.Sc. Eng., M. Sc. Geol., P.
Eng (OIQ), is the “Qualified Person” as defined by National
Instrument 43-101 who prepared the Technical Report on the Monaco
Property which was included in UrbanGold’s Final Prospectus. Mr.
Larouche is independent of the Company.
About UrbanGold
UrbanGold is incorporated under the federal laws
of Canada and has its principal office in Ottawa, Ontario, Canada.
The Company is engaged in the evaluation, acquisition and
exploration of mineral properties in Canada, and its current focus
is Quebec. The Company plans to ultimately develop the properties,
bring them into production, option or lease the properties to third
parties, or sell the properties outright. The Company has not
determined whether these properties contain mineral reserves that
are economically recoverable, and the Company is considered to be
in the exploration stage.
Forward Looking Information
This press release contains "forward-looking information” within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
“Forward-looking information” includes statements that use
forward-looking terminology such as “may”, “will”, “expect”,
“intend”, “anticipate”, “believe”, “continue”, “potential” or the
negative thereof or other variations thereof or comparable
terminology.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Corporation to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by forward-looking information.
See “Risk Factors” in the Corporation’s Final Prospectus dated
December 13, 2018 filed on SEDAR at www.sedar.com for a discussion
of these risks.
The Corporation cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, the Corporation does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
For further information
Trevor Richardson, Chief Executive Officer
trichardson@urbangoldminerals.com
Laurie Meloche, Vice-President, Corporate
Development lmeloche@urbangoldminerals.com
Phone (613) 721-2919www.urbangoldminerals.com
Neither the TSX Venture Exchange, nor its
Regulation Service Provider (as that term is defined in the
policies of the TSXV, accepts responsibility for the adequacy or
accuracy of this release.
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