Gold Standard Ventures Corp. Announces C$15 Million Bought Deal Financing
July 11 2019 - 4:39PM
Gold Standard Ventures Corp. (TSX:GSV, NYSE AMERICAN:GSV) (“Gold
Standard” or the “Company”) has announced today that it has entered
into an agreement with a syndicate of underwriters led by BMO
Capital Markets, under which the underwriters have agreed to buy on
bought deal basis 12,300,000 common shares (the “Common Shares”),
at a price of C$1.22 per Common Share for gross proceeds of
approximately C$15 million (the “Offering”). The Company has
granted the Underwriters an option, exercisable at the offering
price for a period of 30 days following the closing of the
Offering, to purchase up to an additional 15% of the Offering to
cover over-allotments, if any. The offering is expected to close on
or about July 31, 2019 and is subject to Gold Standard receiving
all necessary regulatory approvals.
The net proceeds of the offering will be used
for continued exploration and for permitting and development at the
Company’s 100% owned Railroad-Pinion Project and for working
capital purposes.
The Common Shares will be offered by way of a
short form prospectus in each of the provinces of Canada, except
Quebec and may also be offered by way of private placement in the
United States.
The securities offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Gold Standard
VenturesGold Standard is an advanced stage gold
exploration company focused on district scale discoveries on its
Railroad-Pinion Project, located within the prolific Carlin Trend.
Gold Standard’s successful exploration of the Pinion and Dark Star
gold deposits has created potential near-term development option
and further consolidates the Company’s premier land package on the
Carlin Trend.
The Pinion deposit has a resource estimate
prepared in accordance with NI 43-101 consisting of an Indicated
Mineral Resource of 31.61 million tonnes grading 0.62 g/t Au,
totaling 630,300 ounces of gold and an Inferred Resource of 61.08
million tonnes grading 0.55 g/t Au, totaling 1,081,300 ounces of
gold, using a cut-off grade of 0.14 g/t Au. This resource will be
re-estimated this year to include drill results from 2018.
The Dark Star deposit, 2.1 km to the east of
Pinion, has a resource estimate prepared in accordance with NI
43-101 consisting of an Indicated Mineral Resource of 15.38 million
tonnes grading 0.54 g/t Au, totaling 265,100 ounces of gold and an
Inferred Resource of 17.05 million tonnes grading 1.31 g/t Au,
totaling 715,800 ounces of gold, using a cut-off grade of 0.2 g
Au/t. This resource will also be re-estimated this year to include
highly favourable 2018 drill results.
The North Bullion deposit, 7 km to the north of
Pinion, has a resource estimate prepared in accordance with NI
43-101 consisting of an Indicated Mineral Resource of 2.92 million
tonnes grading 0.96 g/t Au, totaling 90,100 ounces of gold and an
Inferred Resource of 10.97 million tonnes grading 2.28 g/t Au,
totaling 805,800 ounces of gold, using a cut-off grade of 0.14 g
Au/t for near surface oxide and 1.25 to 2.25 g Au/t for near
surface sulfide and underground sulfide respectively.
Neither the TSX nor its regulation services
provider nor the NYSE AMERICAN Exchange accepts responsibility for
the adequacy or accuracy of this news release.
For further information, please contact:
Jonathan AwdePresidentTel: 604-669-5702Email:
info@goldstandardv.comWebsite: www.goldstandardv.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This news release contains forward-looking
statements, which relate to future events or future performance and
reflect management’s current expectations and assumptions. Such
forward-looking statements reflect management’s current beliefs and
are based on assumptions made by and information currently
available to the Company. All statements, other than statements of
historical fact, included herein including, without limitation,
statements about the re-estimation of mineral resource estimates,
potential near term development options, the use of proceeds from
the Offering, the number of Shares to be subscribed for under the
Offering, the timing of closing of the Offering and the receipt of
all necessary regulatory approvals, are forward looking statements.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Risk factors affecting the Company
include, among others: the results from our exploration programs,
global financial conditions and volatility of capital markets,
uncertainty regarding the availability of additional capital,
fluctuations in commodity prices; title matters; and the additional
risks identified in our filings with Canadian securities regulators
on SEDAR in Canada (available at www.sedar.com) and with the
SEC on EDGAR (available at www.sec.gov/edgar.shtml). These
forward-looking statements are made as of the date hereof and,
except as required under applicable securities legislation, the
Company does not assume any obligation to update or revise them to
reflect new events or circumstances.
CAUTIONARY NOTE FOR U.S. INVESTORS REGARDING RESERVE AND
RESOURCE ESTIMATES
All resource estimates reported by the Company
were calculated in accordance with the Canadian National Instrument
43-101 and the Canadian Institute of Mining and Metallurgy
Classification system. These standards differ significantly from
the requirements of the U.S. Securities and Exchange Commission for
descriptions of mineral properties in SEC Industry Guide 7 under
Regulation S-K of the U. S. Securities Act of 1933. In particular,
under U. S. standards, mineral resources may not be classified as a
“reserve” unless the determination has been made that
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made.
Accordingly, information in this press release containing
descriptions of the Company’s mineral properties may not be
comparable to similar information made public by US public
reporting companies.
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