Ready to Rumble
Canagold closes $2.03M final tranche of financing
2022-01-19 15:38 ET - News Release
Mr. Scott Eldridge reports
CANAGOLD CLOSES CAD$2 MILLION SECOND TRANCHE OF OVERSUBSCRIBED CAD$2.3 MILLION PRIVATE PLACEMENT FINANCING
Canagold Resources Ltd. has closed the second and final tranche of its non-brokered, oversubscribed $2.3-million private placement, previously announced by Canagold in press releases dated Dec. 22, 2021, and Dec. 31, 2021.
The second tranche of the private placement consisted of the issuance of 4.05 million flow-through common shares priced at 50 cents per share for total proceeds of $2.03-million.
Proceeds from the sale of flow-through shares will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act and flow-through mining expenditures as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than Dec. 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of flow-through shares. Proceeds from the offering will be used for to finance eligible exploration expenditures of the company's New Polaris gold project in northwestern British Columbia.
The securities issued in the offering are subject to a four-month-plus-one-day hold period ending on May 20, 2022, in accordance with applicable securities laws and the policies of the Toronto Stock Exchange. The offering is subject to the final acceptance of the exchange.
About Canagold Resources Ltd.
Canagold is a growth-oriented gold exploration company focused on generating superior shareholder returns by discovering, exploring and developing strategic gold deposits in North America. Canagold shares trade on the Toronto Stock Exchange under the symbol CCM and on the OTCQB under the symbol CRCUF.
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