Probe Gold Announces C$10 Million Bought Deal Financing
13 December 2023 - 8:26AM
Probe Gold Inc. (TSX: PRB) (OTCQB:
PROBF) (“Probe” or the “Company”) is
pleased to announce 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 a bought deal basis by way
of private placement (pursuant to the listed issuer financing
exemption (“
LIFE”)), 4,545,400 Canadian
Exploration Expense (“
CEE”) flow-through common
shares (the “
Flow-Through Common Shares”) of the
Company, at a price of C$2.20 per Flow-Through Common Share for
gross proceeds of approximately C$10 million (the
“
Offering”).
The Company intends to use the net proceeds of
the Offering to continue exploration and drilling at its Novador
Gold project and Detour Gold project.
The Offering is expected to close on or about
December 22, 2023 and is subject to Probe receiving all necessary
regulatory approvals, including the approval of the Toronto Stock
Exchange.
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 State in which such offer, solicitation or sale would be
unlawful.
About Probe Gold:
Probe Gold Inc. is a leading Canadian gold
exploration company focused on the acquisition, exploration, and
development of highly prospective gold properties. The Company is
well-funded and dedicated to the exploration and development of
high-quality gold projects, notably its 100% owned flagship asset,
the multimillion-ounce Novador Gold Project in Québec. Probe
controls a large land package of approximately
1,600-square-kilometres of exploration ground within some of the
most prolific gold belts in Québec.
On behalf of Probe Gold Inc.,
Dr. David Palmer,
President & Chief Executive Officer
For further information:
Please visit our website at www.probegold.com or
contact:
Seema Sindwani
Vice-President of Investor Relations
info@probegold.com
+1.416.777.9467
Forward-Looking Statements
Neither the Toronto Stock Exchange (“TSX”) nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX) accepts responsibility for the adequacy or
accuracy of this release. This News Release includes certain
“forward-looking statements” which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties, and
other factors involved with forward-looking information could cause
actual events, results, performance, prospects, and opportunities
to differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, the intention to
complete the Offering and the expected expenditure of the proceeds
of the Offering, the Company’s objectives, goals or future plans,
statements, exploration results, potential mineralization, the
estimation of mineral resources, exploration and mine development
plans, timing of the commencement of operations and estimates of
market conditions. Factors that could cause actual results to
differ materially from such forward-looking information include,
but are not limited to risk factors relating to the timely receipt
of all regulatory and third party approvals for the Offering,
including that of the Toronto Stock Exchange, that the Offering may
not close within the timeframe anticipated or at all or may not
close on the terms and conditions currently anticipated by the
Company for a number of reasons including, without limitation, as a
result of the occurrence of a material adverse change, disaster,
change of law or other failure to satisfy the conditions to closing
of the Offering, the inability of the Company to apply the use of
proceeds from the Offering as anticipated, failure to identify
mineral resources, failure to convert estimated mineral resources
to reserves, the inability to complete a feasibility study which
recommends a production decision, the preliminary nature of
metallurgical test results, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, inability to fulfill the duty to
accommodate First Nations and other indigenous peoples,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR+. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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