White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA:
29W) (the “
Company”) is pleased to
announce a non-brokered private placement for gross proceeds of
$4,500,000 consisting of the sale of a combination of : (i) common
shares in the capital of the Company (“
Common
Shares”) that qualify as “flow-through shares” within the
meaning of the Income Tax Act (Canada) (the “
Tax
Act”) at a price of C$0.26 per share (each
an “
FT Share”); (ii) FT Shares that will also
qualify for the federal 30% Critical Mineral Exploration Tax Credit
at a price of $0.27 per share (each a “
CFT
Share”); and (iii) Common Shares a price of C$0.22 per
share (each an “
HD Share”) (the
“
Offering”).
“We are very appreciative for the continued
support for our exciting and impactful exploration activities to
advance our significant gold deposit which is now one of the
highest-grade open pit gold resources in Canada of such significant
size owned by an exploration company, and other recent high-grade
gold discoveries and additional prospective critical mineral
projects on our district scale land package in the prolific and
under explored White Gold District,” stated David D’Onofrio, Chief
Executive Officer.
The gross proceeds received from the sale of the
FT Shares will be used to incur (or deemed to incur) “Canadian
exploration expenses” as defined in subsection 66.1(6) of the Tax
Act, and the gross proceeds from the sale of the CFT Shares will be
used to incur (or deemed to incur) eligible “Canadian exploration
expenses” that qualify as “flow-through critical mineral mining
expenditures” (as both terms are defined in the Tax Act)
(collectively, the “Qualifying Expenditures”),
related to the Company’s properties in the White Gold District of
the Yukon Territory, on or before December 31, 2025, and to
renounce all the Qualifying Expenditures in favour of the
subscribers of the FT Shares, and CFT Shares effective December 31,
2024. If the Qualifying Expenditures are reduced by the Canada
Revenue Agency, the Company will indemnify each subscriber of an FT
Share, and CFT Share for any additional taxes payable by such
subscriber as a result of the Company’s failure to renounce the
Qualifying Expenditures as agreed. The net proceeds from the sale
of the Common Shares will be used for working capital and other
general corporate purposes.
Closing of the Offering is expected to occur on
or about December 20, 2024 and is subject to the satisfaction of
certain conditions, including receipt of all applicable regulatory
approvals including the approval of the TSX Venture Exchange (the
“TSXV”). The securities issued pursuant to the
Offering will be subject to a statutory hold period of four months
plus one day from the closing date of the Offering in accordance
with applicable securities legislation.
About White Gold Corp.The
Company owns a portfolio of 15,876 quartz claims across 26
properties covering approximately 315,000 hectares (3,150 km2)
representing approximately 40% of the Yukon’s emerging White Gold
District. The Company’s flagship White Gold project hosts four
near-surface gold deposits which collectively contain an estimated
1,203,000 ounces of gold in Indicated Resources and 1,116,600
ounces of gold in Inferred Resources(1). Regional exploration work
has also produced several other new discoveries and prospective
targets on the Company’s claim packages which border sizable gold
discoveries including the Coffee project owned by Newmont
Corporation with Measured and Indicated Resources of 2.1 Moz at
1.28 g/t gold and Inferred Resources of 0.2 Moz at 1.04 g/t
gold(2), and Western Copper and Gold Corporation’s Casino project
which has Measured and Indicated Resources of 7.6 Blb copper and
14.5 Moz gold and Inferred Resources of 3.3 Blb copper and 6.6 Moz
gold(3). For more information visit www.whitegoldcorp.ca.
(1) See White Gold Corp. press release dated
November 19, 2024, available on SEDAR+.(2) See Newmont Corporation
Form 10-K: Annual report for the year ending December 31, 2023, in
the Measured, Indicated, and Inferred Resources section, dated
February 29, 2024, available on EDGAR. Reserves and resources
disclosed in this Form 10-K have been prepared in accordance with
the Regulation S-K 1300, and do not indicate NI43-101
compliance.(3) See Western Copper and Gold Corporation technical
report titled “Casino project, Form 43-101F1 Technical Report
Feasibility Study, Yukon Canada”, Effective Date June 13, 2022,
Issue Date August 8, 2022, NI 43-101 Compliant Technical Report
prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John
M. Marek, P.E., Laurie M. Tahija, MMSA-QP, Carl Schulze, P.Geo.,
Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on
SEDAR+.
Cautionary Note Regarding Forward
Looking InformationThis news release contains
"forward-looking information" and "forward-looking statements"
(collectively, "forward-looking statements") within the meaning of
the applicable Canadian securities legislation. All statements,
other than statements of historical fact, are forward-looking
statements and are based on expectations, estimates and projections
as at the date of this news release. Any statement that involves
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future events or
performance (often but not always using phrases such as "expects",
or "does not expect", "is expected", "anticipates" or "does not
anticipate", "plans", “proposed”, "budget", "scheduled",
"forecasts", "estimates", "believes" or "intends" or variations of
such words and phrases or stating that certain actions, events or
results "may" or "could", "would", "might" or "will" be taken to
occur or be achieved) are not statements of historical fact and may
be forward-looking statements. In this news release,
forward-looking statements relate, among other things, the
Offering, including all regulatory approvals; the use of proceeds
from the Offering; the Company’s objectives, goals and exploration
activities conducted and proposed to be conducted at the Company’s
properties; future growth potential of the Company, including
whether any proposed exploration programs at any of the Company’s
properties will be successful; exploration results; and future
exploration plans and costs and financing availability.
These forward-looking statements are based on
reasonable assumptions and estimates of management of the Company
at the time such statements were made. Actual future results may
differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to
materially differ from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors, among other things, include: the
expected benefits to the Company relating to the exploration
conducted and proposed to be conducted at the White Gold
properties; the receipt of all applicable regulatory approvals for
the Offering; the completion of the Offering on the terms described
herein, or at all; failure to identify any additional mineral
resources or significant mineralization; the preliminary nature of
metallurgical test results; uncertainties relating to the
availability and costs of financing needed in the future, including
to fund any exploration programs on the Company’s properties;
business integration risks; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of gold, silver, base metals or certain
other commodities; fluctuations in currency markets (such as the
Canadian dollar to United States dollar exchange rate); change in
national and local government, legislation, taxation, controls,
regulations and political or economic developments; risks and
hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formations pressures, cave-ins and
flooding); inability to obtain adequate insurance to cover risks
and hazards; the presence of laws and regulations that may impose
restrictions on mining and mineral exploration; employee relations;
relationships with and claims by local communities and indigenous
populations; availability of increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); the unlikelihood that properties that are explored
are ultimately developed into producing mines; geological factors;
actual results of current and future exploration; changes in
project parameters as plans continue to be evaluated; soil sampling
results being preliminary in nature and are not conclusive evidence
of the likelihood of a mineral deposit; title to properties; and
those factors described in the most recently filed management’s
discussion and analysis of the Company. Although the
forward-looking statements contained in this news release are based
upon what management of the Company believes, or believed at the
time, to be reasonable assumptions, the Company cannot assure
shareholders that actual results will be consistent with such
forward-looking statements, as there may be other factors that
cause results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements and information. There can be no
assurance that forward-looking information, or the material factors
or assumptions used to develop such forward-looking information,
will prove to be accurate. The Company does not undertake to
release publicly any revisions for updating any voluntary
forward-looking statements, except as required by applicable
securities law.
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
news release.
Contact Information:David
D’OnofrioChief Executive OfficerWhite Gold Corp.(647) 930-1880
ir@whitegoldcorp.ca
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