VANCOUVER, Dec. 12, 2018 /CNW/ - Goldplay
Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF) ("Goldplay" or the
"Company"), is pleased to announce that the Company has closed
the final tranche of its non-brokered private placement (the
"Offering") previously announced on November 19, 2018 and has issued 1,244,166 units
for gross proceeds of $273,716.52. Total gross proceeds raised
under all tranches of this offering was $1,499,960.
In connection with this 2nd tranche closing, the
Company paid finder's fees totaling $1,980 cash and issued a total of 9,000 finder's
warrants. Each finder's warrant is exercisable for one common
share at a price of $0.25/share for
two years, provided that after the four month hold period
expires, if for 10 consecutive days the closing price of the
Company's shares on the TSX-V exceeds $0.65, then the Company may anytime thereafter
accelerate the expiry date of the Warrants to the date that is 10
days following the date on which the Company issues notice of the
new expiry date.
All securities issued under this private placement are subject
to a four month and one day hold period in accordance with
applicable securities laws and the policies of the TSX Venture
Exchange.
Marcio Fonseca, the Company's
President and Chief Executive Officer and Trevor Woolfe, the Company's Vice-President of
Corporate Development & Exploration, purchased 56,524 units and
136,364 units for total proceeds of $12,457.28 and $30,000.08 respectively. Mr. Fonseca's and
Mr. Woolfe's participation in this private placement is considered
a related party transaction subject to TSX-V Policy 5.9 and
Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions. The Company has relied on
exemptions from the formal valuation and minority shareholder
approval requirements provided under sections 5.5(a) and 5.7(a) of
Multilateral Instrument 61-101 on the basis that the value of
securities purchased by Mr. Fonseca and Mr. Woolfe under this
financing did not exceed 25% of the fair market value of the
Company's market capitalization.
About Goldplay Exploration Ltd.
Goldplay owns a >250 sq. km exploration portfolio in the
historical Rosario Mining District, Sinaloa, Mexico. Goldplay's current
exploration focus includes surface exploration and drilling, with a
resource update to follow at the advanced-stage San Marcial Project
and follow up exploration program at the El Habal Project.
The San Marcial land package consists of 1,250 ha, located south
of the La Rastra and Plomosas
historical mines and 20 km from the Company's 100% owned El Habal
Project in the Rosario Mining District, Sinaloa, Mexico. San Marcial is an attractive,
near-surface high-grade silver, lead and zinc project for which a
historical resource estimate has been previously disclosed.
San Marcial exhibits significant exploration upside supported by
regional exploration programs completed by previous operators who
identified 14 exploration targets similar to San Marcial within its
100% Goldplay-owned concessions. Some of these exploration targets
consist of old shallow pits, caved shafts and historical
underground workings in areas with extensive hydrothermal
alteration, hosted by major regional structures.
The El Habal Project is a drilling stage project. The oxidized
gold mineralized zone outcrops along a series of rolling hills with
evidence of historical shallow underground mining along a 6 km long
prospective corridor. The El Habal Project is located near the
historical gold-silver Rosario Mine which reportedly operated for
over 250 years. Goldplay's team has over 30 years of experience
with senior roles in exploration, financing, and development in the
mining industry, including over ten years of extensive exploration
experience in the Rosario Mining District, leading to previous
successful discoveries. A current NI 43-101 report on the El Habal
Project is filed on SEDAR.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and
information that are based on the beliefs of management and reflect
the Company's current expectations. When used in this press
release, the words "estimate", "project", "belief", "anticipate",
"intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable
terminology are intended to identify forward-looking statements and
information. Such statements and information reflect the current
view of the Company. Risks and uncertainties may cause actual
results to differ materially from those contemplated in those
forward-looking statements and information. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF
THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO
CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE
ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE GOLDPLAY MAY ELECT TO, IT
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR
TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
Mr. Marcio
Fonseca,
P. Geo, President &
CEO
Goldplay Exploration Ltd.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this press release.
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SOURCE Goldplay Exploration Ltd