Pure Gold Mining Inc. Announces Non-Brokered Financing of C$3.45 Million
05 Octubre 2021 - 5:46PM
Pure Gold Mining Inc. (TSXV:PGM LSE:PUR)
(“
PureGold” or the “
Company”) is
pleased to announce the Company has agreed to issue 3,307,619 units
of the Company (the “
Units”) at a price of C$1.05
per Unit (the “
Transaction”) for gross proceeds of
approximately C$3,473,000 on a non-brokered basis to Anglogold
Ashanti Limited (“
Anglogold”). Each Unit is
comprised of one common share (each a “
Common
Share”) and one-half Common Share purchase warrant (each
such full warrant, a “
Warrant”). Each Warrant will
entitle the holder thereof to purchase one Common Share at a price
of C$1.36 for 18 months from the closing of the Transaction.
The Company intends to use the net proceeds
raised from the Transaction to fund the continued ramp up of
operations at its 100%-owned PureGold Mine Project located in Red
Lake, Ontario, underground drilling and development of the
high-grade 8 zone, and for general corporate purposes.
It is expected that the closing of the
Transaction will occur on or about October 15, 2021 and is subject
to the satisfaction of certain conditions, including receipt of all
applicable regulatory approvals including the approval of the TSX
Venture Exchange and SARB approval. The securities to be issued
under the Transaction will have a hold period of four months and
one day from the applicable closing date in accordance with
applicable securities laws.
Anglogold is considered a “related party” of
Pure Gold as it currently owns approximately 14.3% of the issued
and outstanding common shares of Pure Gold on a non-diluted basis
and, accordingly, the Transaction constitutes a “related party
transaction” within the meaning of Multilateral Instrument 61-101
(“MI 61-101”). The Transaction is exempt from the
minority approval requirement of Section 5.6 and the formal
valuation requirement of Section 5.4 of MI 61-101 as neither the
fair market value of the Transaction, nor the fair market value of
the consideration for the Transaction, exceeds 25% of Pure Gold’s
market capitalization. A material change report in connection with
the Transaction will be filed less than 21 days before the closing
of the Transaction. This shorter period is reasonable and necessary
in the circumstances as the Company wishes to complete the
Transaction in a timely manner.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”) or any U.S.
state securities laws, and may not be offered or sold in the United
States or to, or for the account or benefit of, United States
persons absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor will there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
ABOUT PURE GOLD MINING INC.
PureGold is a growth company, located in the
very heart of Red Lake, Canada. Our objective is pure and simple.
To develop a highly-profitable long life gold mining company,
becoming Canada’s next iconic gold producer. Our plan is very
disciplined, very methodical and financially sound. To expand
organically, and develop PureGold’s multi-million ounce high grade
gold asset incrementally, step-by-step, using a phased mining
development plan to deliver maximum return.
ON BEHALF OF THE BOARD"Darin Labrenz"
Darin Labrenz, President & CEO
For further information:Adrian
O’BrienDirector, Marketing and
Communications604-809-6890aobrien@puregoldmining.ca
Forward-Looking Information
This news release contains "forward-looking
information" which may include, but is not limited to, statements
with respect to the future financial or operating performance of
the Company and its projects, the expected use of proceeds of the
Transactions, the anticipated closing dates of the Transactions and
the anticipated size and structure of each of the Transactions.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Forward-looking statements contained
herein are made as of the date of this press release and the
Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or results or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward-looking statements if circumstances,
management's estimates or opinions should change, except as
required by securities legislation. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
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