![]() The Company intends to rely on exemptions from the formal valuation and minority shareholder requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the securities to be issued under the Offering nor the consideration to be paid by insiders of the Company will exceed 25% of the Company's market capitalization.Ĭlosing of the Offering is expected to occur on or about December 12, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. Participation by insiders of the Company in the Offering will constitute a related party transaction as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101"). In connection with the Offering, the Company will pay to certain finders a total of $79,552.74 in cash and 264,930 non-transferable warrants. Each Warrant will be exercisable by the holder to acquire one Common Share at a price of C$0.50 for a period of 24 months following the closing date of the Offering. Each flow through Unit will consist of one Common Share at a price of C$0.35 issued on a "Canadian Exploration Expense (CEE) flow-through" basis pursuant to the Income Tax Act (Canada), and one Warrant. On completion, the Offering will be comprised of 1,420,011 flow through units and 6,005,500 non-flow through units with proceeds to be used to fund ongoing and future exploration and drill programs at its flagship Cassiar Gold Project in northern British Columbia, Canada.Įach non-flow through unit (" Unit") will consist of one common share (" Common Share") in the capital of the Company at a price of C$0.25 per Unit and one Common Share purchase warrant (" Warrant"). (TSXV: GLDC) (OTCQX: CGLCF) (" Cassiar Gold" or the " Company") is pleased to announce that it will complete its previously announced non-brokered private placement for gross proceeds of the upsized amount of $2,000,000 on or about Decem(the " Offering").
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