Solstice Gold Announces Closing of Previously Announced Non-Brokered Financing Totalling Approx. $1.2 million and Board Chang...
June 10 2020 - 6:08PM
Solstice Gold Corp. (TSXV: SGC)
(“
Solstice” or the “
Company”) is
pleased to announce that, further to the Company’s news release
dated May 25, 2020, the Company has closed, subject to receipt of
final approval from the TSX Venture Exchange
(“
TSXV”), its non-brokered private placement
financing for total proceeds of $1,198,786.64 (the “
Private
Placement”).
The Private Placement consisted the issuance by
the Company of: (i) a total of 29,969,666 units (the
“Units”), at a price of at $0.04 per Unit,
with each Unit comprising one common share of the Company and one
common share purchase warrant. Each full warrant entitles the
holder thereof to purchase one additional common share of the
Company at a price of $0.06 for a period of 36 months from the
closing of the Private Placement. All securities issued
pursuant to the Private Placement are subject to a four-month hold
period in accordance with applicable Canadian securities laws
and are also subject to the Exchange Hold Period (as defined by the
TSXV rules) and have been legended accordingly.
The proceeds from the Private Placement will be
used as follows: (i) $800,000 in respect of exploration and related
expenditures; and (ii) $398,786 in respect of general corporate,
working capital and future exploration programs. Although the
Company intends to use the proceeds of the Private Placement as
described herein, the actual allocation of proceeds may vary,
depending on future operations, events or opportunities; provided
however, in no circumstance will any proceeds of the Private
Placement be utilized by the Company to pay Investor Relations
Activities or any Related Parties payments (as each such term is
defined by the TSXV rules), all in accordance with certain
temporary relief measures established by the TSXV on April 8, 2020
in response to the COVID-19 pandemic.
Board Changes
Upon closing of the Private Placement, the board
of directors of the Company (the “Solstice Board”)
has been reorganized as follows: (i) the number of directors has
been increased from five to six; (ii) Marty Tunney and Chad Ulansky
have both resigned as members of the Solstice Board; and (iii)
Kevin Reid, Michael Gentile and Blair Schultz have been appointed
as new members of the Solstice Board. Mr. Tunney will
continue in his role as President of the Company and Mr. Ulansky
has been retained by the Company as a consultant. The Company
thanks them both for their contributions as founding directors of
the Company and looks forward to their continuing roles with the
Company. Board appointments remain subject to regulatory
approvals.
Neither the 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.
About Solstice Gold
Solstice is a gold-focussed exploration company
engaged in the exploration of its 866 km2 (100%) district scale KGP
and certain other rights covering an adjacent 683 km2, all with no
underlying option or earn in payments. KGP is located in Nunavut,
Canada only 26 km from Rankin Inlet and only 15 km from the
Meliadine gold deposits owned by Agnico Eagle Mines Ltd. Solstice
has 99.5 million shares outstanding.
Solstice is committed to responsible exploration
and development in the communities in which we work. For more
details on Solstice Gold and the KGP please see our Corporate
Presentation available at www.solsticegold.com.
On Behalf of Solstice Gold Corp.
David Adamson, PhD Executive Chairman
For further information please visit our website at
www.solsticegold.com or contact:
Marty Tunney, PEng President info@solsticegold.com
(604)-622-5040
Forward Looking Statements
This news release contains certain
forward-looking statements (“FLS”) relating to the Company’s plans,
expectations, intentions and beliefs with respect to the completed
Private Placement and board reorganization. FLS can be identified
by forward-looking words such as “proposed”, “intends”, “expects”,
“potential”, “estimated”, “anticipated”, “may” and “will” or
similar words suggesting future outcomes or other expectations,
beliefs, plans, objectives, assumptions, intentions or statements
about future events or performance. Such FLS reflect
management's current beliefs and are based on information currently
available to management. FLS involve risks and uncertainties that
could cause actual results to differ materially from those
contemplated by such statements, and there can be no assurance that
actual results will be consistent with these forward-looking
statements. Factors that could cause such differences include: the
inability of the Company to obtain the requisite approvals for the
proposed transactions, including the final approval of the TSX
Venture Exchange; risks related to general economic and market
conditions; risks related to any discussed or proposed work
programs; use of proceeds as described and other as yet unknown or
unidentified risks. This list is not exhaustive of the factors that
may impact the Company's FLS. These and other factors should be
considered carefully, and readers should not place undue reliance
on the Company's FLS. As a result of the foregoing and other
factors, no assurance can be given as to the completion of the
Private Placement and board reorganization, and neither the Company
nor any other person assumes responsibility for the accuracy and
completeness of these FLS. The factors underlying current
expectations are dynamic and subject to change.
This news release contains information with
respect to adjacent or similar mineral properties in respect of
which the Company has no interest or rights to explore or mine.
Readers are cautioned that the Company has no interest in or right
to acquire any interest in any such properties, and that mineral
deposits on adjacent or similar properties are not indicative of
mineral deposits on the Company’s properties. Past performance is
no guarantee of future performance and all investors are urged to
consult their investment professionals before making an investment
decision.
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