NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES
VANCOUVER, BC, May 1, 2023
/CNW/ - Gold Line Resources Ltd. (TSXV: GLDL)
(Frankfurt: 4UZ) (WKN: A2QGWC)
(OTCQB: TLLZF) ("Gold Line" or the "Company") is
pleased to announce that, further to its news release of
April 3, 2023, the Company has closed
its non-brokered private placement for gross proceeds of
$1,000,000 (the "Private
Placement").
In closing the Private Placement, the Company issued an
aggregate of 8,333,334 units (each, a "Unit") at a price of
$0.12 per unit consisting of
8,333,334 common shares and 4,166,667 share purchase warrants
(each, a "Warrant").
In consideration for introducing subscribers to the Private
Placement, the Company paid finder's fees totalling $21,564 and issued a total of 179,700
compensation warrants (the "Compensation Warrants") to
certain arms-length finders.
All Warrants and Compensation Warrants are exercisable at a
price of $0.25 per share for one
common share in the capital of the Company for a period of
twenty-four (24) months from the date of issuance, expiring
April 28, 2025.
All securities issued in connection with the Private Placement
are subject to a four month and one day statutory hold period
expiring on August 29, 2023. Proceeds
of the financing will be for general working capital and
exploration follow-up in Sweden.
Two insiders of the Company participated in the Private
Placement and acquired an aggregate of 833,333 Units. The purchases
by these insiders constitute "related party transactions" within
the meaning of Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). The issuances are exempt from the formal valuation
and minority shareholder approval requirements of MI 61-101 as they
are distributions of securities for cash and the fair market value
of the Units issued to, and the consideration paid by, the insiders
did not exceed 25% of the Company's market capitalization. No new
insiders were created, nor any change of control occurred, as a
result of the Private Placement.
ABOUT GOLD LINE RESOURCES LTD.
Gold Line is focused on acquiring mineral properties with
exceptional exploration potential in the most prolific
gold-producing regions of Sweden
and Finland. Gold Line is working
in two of the world's top mining jurisdictions and emerging
exploration frontiers due to their strong mineral endowment, stable
tenure, straightforward permitting, favourable tax regime and
supportive geopolitical landscape.
Gold Line currently holds a prospective portfolio of gold
exploration projects in Sweden and
Finland. In Sweden, projects are located in the Gold Line
Mineral Belt and Skellefteå Belt of north-central Sweden and the Mjøsa-Vänern Belt in southwest
Sweden. In Finland, Gold Line holds the entire
underexplored Oijärvi Greenstone Belt located in northern
Finland.
ON BEHALF OF THE BOARD OF DIRECTORS OF GOLD LINE RESOURCES
LTD.,
Adam Cegielski
CEO & Director
FOLLOW US:
Website: https://www.goldlineresources.com/
Facebook: https://www.facebook.com/Gold-Line-Resources
Twitter: https://twitter.com/GLDL_Resources
Instagram: https://www.instagram.com/gold_line_resources/
LinkedIn:
https://www.linkedin.com/company/gold-line-resources-ltd
Neither the 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.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains statements that constitute
"forward-looking statements." Such forward looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Gold Line's actual results, performance or
achievements, or developments to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur.
SOURCE Gold Line Resources Ltd.
