Pure Gold Mining Inc. Non-Brokered Financing of C$3.45 Million (1760O)
06 Octubre 2021 - 01:00AM
UK Regulatory
TIDMPUR
RNS Number : 1760O
Pure Gold Mining Inc.
06 October 2021
Pure Gold Mining Inc. Announces Non-Brokered Financing of C$3.45
Million
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY
AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, October 6, 2021 (GLOBE NEWSWIRE) --
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'Brien
Director, Marketing and Communications
604-809-6890
aobrien@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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