Algold Announces Closing of $1.2 CAD Million Private Placement
March 20 2018 - 2:40PM
MONTREAL, March 20, 2018 (GLOBE NEWSWIRE)
-- ALGOLD RESOURCES
LTD. (TSXV:ALG) (the
"Corporation") is pleased to announce that it has raised
aggregate gross proceeds of $1,159,960 by issuing a total of
8,285,429 units (each, a "Unit") at a price of $0.14 per Unit (the
"Issue Price") under its brokered private placement offering of
Units (the "Brokered Offering") and concurrent non-brokered private
placement offering of Units (the "Non-Brokered Offering", and
together with the Brokered Offering, the "Offering"). A total of
$700,000 (representing 5,000,000 Units) was raised under the
Brokered Offering and $459,960 (representing 3,285,429 Units) was
raised under the Non-Brokered Offering.
Each Unit consists of one common share in the
capital of the Corporation (each a "Common Share") and one common
share purchase warrant (each common share purchase warrant, a
"Warrant") of the Corporation. Each Warrant entitles the holder
thereof to acquire one Common Share at a price of $0.20 for a
period of 36 months from the closing of the Offering.
Several existing shareholders maintained their
current holdings with this participation, following the private
placement completed with Osisko Gold Royalties Ltd. ("Osisko") in
February 2018. For more information please see Algold's press
release dated February 6, 2018.
The Offering remains subject to receipt of the
approval of the TSX Venture Exchange. The Units, including all
underlying securities thereof, are subject to a hold period of four
months and one day from their date of issuance under applicable
Canadian securities laws.
The Corporation paid to the broker an aggregate
cash commission of $42,000. The net proceeds from the Private
Placement will be used to carry out exploration at the
Corporation's mineral properties and for working capital and
general corporate purposes.
The securities offered have not been, and will not
be, registered under 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 does not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor in any other jurisdiction.
ABOUT ALGOLD
Algold Resources Ltd is focused on the exploration and development
of gold deposits in West Africa. The board of directors and
management team are seasoned resource industry professionals with
extensive experience in the exploration and development of
world-class gold projects in Africa.
Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information, please contact:
Algold Resources
Limited.
1320, Graham Blvd., Suite 132, Town
of Mont-Royal, Quebec, H3P 3C8, www.algold.com
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François Auclair M.Sc., PGeo |
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Alex Ball |
President & CEO |
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Executive VP, Finance & Corporate Development |
f.auclair@algold.com |
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a.ball@algold.com |
(514)
889-5089 |
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(647)
919-2227 |
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Algold Resources Ltd via Globenewswire
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