Goldshore Resources Inc.
(TSXV: GSHR / OTC Markets: GSHRF /
FSE: 8X00) (“
Goldshore” or the
“
Company” or the “
Corporation”)
is pleased to announce that it has entered into an agreement with
Eight Capital, as the sole bookrunner and co-lead agent, and
together with Clarus Securities Inc., as co-lead agent, on behalf
of a syndicate of agents, including Paradigm Capital Inc.
(collectively, the “
Agents”) pursuant to which the
Company has launched a private placement (the
“
Offering”) for aggregate gross proceeds of up to
$12,500,000 in any combination of: (i) Flow-through shares of
the Company (the “
FT Shares”), at a price of
$0.475 per FT Share, and (ii) Charity flow-through shares (the
“Charity FT Shares”) at a price of $0.53 per
Charity FT Share (together with the FT Shares, the
“FT
Securities”).
The Company has granted the Agents an option to
offer for sale up to an additional 15% of the FT Securities, in any
combination, at their respective issue price (the
“Over-Allotment Option”). The Over-Allotment
Option will be exercisable, in whole or in part, up to 48 hours
prior to the Closing Date.
Gross proceeds from the Offering will be used to
incur eligible Canadian exploration expenses and flow-through
mining expenditures, as defined in the Income Tax Act (Canada), and
eligible Ontario exploration expenditures, as defined in the
Taxation Act, 2007 (Ontario) (collectively, "Qualifying
Expenditures"). Eventus Capital Corp. has been appointed
as an advisor to the Company.
Michael Henrichsen, CEO of Goldshore commented,
“The gross proceeds from the FT Share sale will accelerate
Goldshore’s Strategic Plan to advance the Moss Gold Deposit. By
raising funds at this juncture, the Company will be in a position
to execute a 15,000 meter winter drill program within the
conceptual open pit. The aim of the program will be to increase the
ounce profile of the deposit and reduce the strip ratio by
extending known mineralization vertically toward the surface and by
increasing drill density in locations where mineralized intercepts
are too widely spaced to be included in the inferred resource
category. We believe the results from this program will positively
impact the economic performance of the project on the back of the
PEA being completed by G Mining Services in Q1 of 2025.
The Company also plans to conduct a
discovery-based exploration program through top of bedrock sampling
and a ground based IP geophysical program in an area approximately
10km by 6 km area surrounding the Moss Deposit to identify
additional drill targets to realize the district scale potential of
our land package. Finally, this funding will allow us to rapidly
advance our environmental work as we look to move toward the formal
permitting process.”
Closing of the Offering is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals, including but not limited to, the approval of
the TSX Venture Exchange.
The securities described herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the "1933 Act") or any state
securities laws, and accordingly, may not be offered or sold within
the United States except in compliance with the registration
requirements of the 1933 Act and applicable state securities
requirements or pursuant to exemptions therefrom. This press
release does not constitute an offer to sell or a solicitation to
buy any securities in any jurisdiction.
About Goldshore
Goldshore is a growth-oriented gold company
focused on delivering long-term shareholder and stakeholder value
through the acquisition and advancement of primary gold assets in
tier-one jurisdictions. It is led by the ex-global head of
structural geology for the world’s largest gold company and backed
by one of Canada’s pre-eminent private equity firms. The Company’s
current focus is the advanced stage 100% owned Moss Gold Project
which is positioned in Ontario, Canada, with direct access from the
Trans-Canada Highway, hydroelectric power near site, supportive
local communities and skilled workforce. The Company has invested
over $60 million of new capital and completed approximately 80,000
meters of drilling on the Moss Gold Project, which, in aggregate,
has had over 235,000 meters of drilling. The 2024 updated NI 43-101
mineral resource estimate (“MRE”) has expanded to 1.54 million
ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million
ounces of Inferred gold resources at 1.11 g/t Au. The MRE only
encompasses 3.6 kilometers of the 35+ kilometer mineralized trend,
remains open at depth and along strike and is one of the few
remaining major Canadian gold deposits positioned for fast track
through this development cycle. For more information, please visit
SEDAR+ (www.sedarplus.ca) and the Company’s website
(www.goldshoreresources.com).
For More Information – Please
Contact:
Michael Henrichsen President, Chief Executive
Officer and DirectorGoldshore Resources Inc.
P: 604 288 4416E:
mhenrichsen@goldshoreresources.comW: www.goldshoreresources.com
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
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 the Company’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.
Forward-looking statements in this news release
include, among others, statements relating to expectations
regarding the exploration and development of the Moss Gold Project,
including the proposed ground-based IP geophysical program, the
release of an updated preliminary economic assessment, the
Company’s plan to execute a 15,000 meter winter drill program, to
increase the ounce profile of the deposit and reduce the strip
ratio, the advance of proposed environmental work, the timing,
completion of and amount to be raised under the Offering and other
statements that are not historical facts. 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. Such factors and risks include, among others:
exploration and development of the Moss Gold Project will not be
undertaken as anticipated, including that the Company will not
complete the proposed ground-based IP geophysical program or the
proposed 15,000 meter winter drill program, increase the ounce
profile of the deposit and reduce the strip ratio, or advance the
proposed environmental work; the Offering the Company will not be
completed on the terms anticipated or at all; the Company may not
obtain all required regulatory approvals for the Offering, include
that of the TSX Venture Exchange; the Company may not be able to
use the proceeds of the Offering as anticipated; the Company may
require additional financing from time to time in order to continue
its operations which may not be available when needed or on
acceptable terms and conditions acceptable; compliance with
extensive government regulation; domestic and foreign laws and
regulations could adversely affect the Company’s business and
results of operations; and the stock markets have experienced
volatility that often has been unrelated to the performance of
companies and these fluctuations may adversely affect the price of
the Company’s securities, regardless of its operating
performance.
The forward-looking information contained in
this news release represents the expectations of the Company as of
the date of this news 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. The Company undertakes no
obligation to update these forward-looking statements in the event
that management’s beliefs, estimates or opinions, or other factors,
should change.
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