Gambier Gold arranges $800,000 private placement2021-03-11 10:29 ET - News Release
Mr. Michael Schuss reports
GAMBIER GOLD CORP. (TSX-V: GGAU) ANNOUNCES STRATEGIC INVESTMENT BY CRESCAT CAPITAL
Gambier Gold Corp. intends to complete a non-brokered private placement financing. Crescat Capital LLC has agreed to make a strategic investment with the company representing a 9.9 % ownership of the Company post-funding of the currently active non-brokered flow through and non-flow through financings. Crescat will have an option to participate in future financings to maintain their 9.9 % interest in the Company for a period of 3 years from the date of closing.
"Kirkland Lake Gold paid C$5 billion for the 15 million ounce deposit next door to Gambier's claims. There is no question this belt has gold. We are attracted by the structure in the geophysics on Gambier's property that continues from Detour Lake. We love that this camp has little exploration to date due to the glacial till. The opportunity to go fishing for a whale by funding a cutting-edge sonic drill program here is exciting", stated Kevin Smith, Crescat's founder and Chief Investment Officer.
The non-brokered private placement financing will consist of up to 5,333,334 units (the "Units") of the Company at a price of $0.15, for gross proceeds of up to $800,000.10. Each Unit will consist of one common share and one share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one additional common share, up to a total of 5,333,334 at an exercise price of $0.23 for a period of two (2) years from the date of closing. The net proceeds of the financing will be used for exploration work on the Detour West project in northeastern Ontario, as well as for exploration on its other mineral exploration properties and for general working capital.
"We are extremely pleased to welcome Crescat Capital as an early-stage, strategic shareholder in Gambier. Their investment represents a strong endorsement of the potential for discovery at Detour West and will accelerate our ability to conduct an aggressive exploration program on the ground starting this spring. Our near future exploration efforts will mark the first time that modern exploration consisting of geophysics, deep till sampling by sonic drilling and diamond drilling have taken place on the majority of the mineral tenure. We look forward to starting our first planned exploration program at Detour West and reporting the results", remarked Michael Schuss, President & CEO of Gamier Gold.
Shares issued pursuant to the Financing will be subject to a four-month hold period according to applicable securities laws of Canada. Finders' fees may be payable on the private placement, subject to the policies of the TSX Venture Exchange.
About Gambier Gold Corp.
Gambier Gold Corp. is an experienced greenfield precious metals explorer and project generator. Based in Vancouver, British Columbia, Gambier has secured major under-explored land positions along trend of large known deposits in three world-class gold producing districts in Ontario and Quebec. The Detour West project is the company's main focus and sits within the Detour-Fenelon gold trend, along strike within 20 km of Kirkland Lake Gold's Detour Lake mine.
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