Angus Gold Announces $5.8 Million Private Placement
25 June 2022 - 6:56AM
Angus Gold Inc. (TSX-V: GUS)
(“
Angus” or the
“
Company”
) is pleased to announce
a fully subscribed non-brokered private placement consisting of
5,057,000 flow-through common shares of the Company
(“
FT Common Shares”) at a price of CAD$1.15 per FT
Common Share for gross proceeds of CAD$5,815,550 (the
“
Financing”).
The gross proceeds of the Financing will be used
to fund the Company’s exploration projects in Ontario. The Company
will use an amount equal to the gross proceeds received by the
Company from the sale of the FT Shares, pursuant to the provisions
in the Income Tax Act (Canada) (the “Tax Act”), to
incur eligible “Canadian exploration expenses” that qualify as
“flow-through mining expenditures” as both terms are defined in the
Tax Act (the “Qualifying Expenditures”). The
Company will renounce all the Qualifying Expenditures in favour of
the subscribers of the FT Shares effective December 31, 2022.
The closing of the Financing is expected to
occur on or about June 28, 2022, and is subject to the receipt of
regulatory approvals, including the approval of the TSX Venture
Exchange (the “TSXV”). The securities to be issued
under the Financing will have a hold period of four months and one
day from closing.
The Company further announces that it has
entered into a fiscal advisory agreement (the “Advisory
Agreement”) with Medalist Capital Ltd.
(“Medalist”) pursuant to which Medalist will
provide general advice and planning services in connection with the
strategic analysis of equity and debt market (the
“Services”). Subject to the approval of the TSXV,
the Company and Medalist have agreed that payment for the Services
shall be in common shares of the Company (“Common
Shares”) in the amount of 263,220 Common Shares (the
“Consideration Shares”). The deemed price of the
Consideration Shares to be issued will be determined after the date
the Services are provided to the Company.
The securities have not been, and will not be,
registered under the Unites States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any U.S.
state security laws, and may not be offered or sold in the Unites
States without registration under the U.S. Securities Act and all
applicable state securities laws or compliance with requirements of
an applicable exemption therefrom. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the Unites States, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Angus Gold:
Angus Gold Inc. is a Canadian mineral
exploration company focused on the acquisition, exploration, and
development of highly prospective gold properties. The Company’s
flagship project is the Golden Sky Project in Wawa, Ontario.
Insiders currently own approximately 47% of the
Company and New Gold Inc. (TSX: NGD) approximately 9.9%, each based
on the number of issued and outstanding common shares.
On behalf of Angus Gold Inc.,
Steve BurletonChief Executive Officer and
Director
INQUIRIES:Email: info@angusgold.comPhone:
1-647-259-1790Company Website: www.angusgold.com
TSXV: GUS | USOTC: ANGVF
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) 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 completion of the
Financing on the disclosed terms or at all, 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: the
ability to anticipate and counteract the effects of COVID-19
pandemic on the business of the Company, including without
limitation the effects of COVID-19 on the capital markets,
commodity prices supply chain disruptions, restrictions on labour
and workplace attendance and local and international travel,
failure to receive requisite approvals in respect of the
transactions contemplated by the Agreement, 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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