GoldON Resources Ltd V.GLD

FYI

[HARJAY]

by @newsfile on 29 Dec 2022, 17:36

GoldON Completes Non-Brokered Financing

    

Victoria, British Columbia--(Newsfile Corp. - December 29, 2022) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce the completion of its previously announced non-brokered private placement financing that raised $529,000 in gross proceeds (the "Offering").

The Offering consisted of 3,041,668 flow-through units ("FT Units") and 1,640,000 non-flow-through units (the "NFT Units"). The FT Units were priced at $0.12 and consist of one flow-through share and one non-transferable share purchase warrant that entitle the holder to purchase one common share of the Company at $0.20 for twelve (12) months from the closing date of the Offering. The NFT Units were priced at $0.10 and consist of one common share and one non-transferable share purchase warrant that entitle the holder to purchase one additional common share of the Company at $0.20 per share for twenty-four (24) months from the closing date of the Offering.

The Company paid finders' fees on a portion of the Offering proceeds that included $6,570 in cash, 21,000 finders' warrants associated with the FT Units and 40,500 finders' warrants associated with the NFT Units. Finders' warrants associated with the FT Units entitle the holder to purchase one common share of the Company at $0.20 for twelve months from the closing date. Finders' warrants associated with the NFT Units entitle the holder to purchase one common share of the Company at $0.20 for twenty-four months from the closing date. All securities issued pursuant to this Offering will have a hold period expiring April 30, 2023.

Proceeds of the Offering will be used to fund the Company's initial drilling program at its 100%-owned McDonough Gold Property and for general working capital purposes.

As part of the Offering, Anacott Capital Corp. subscribed for 200,000 NFT Units. This investment results in Anacott Capital Corp. and its sole shareholder, Michael Romanik, GoldON's president, holding approximately 7.4% of the Company's issued and outstanding shares. The Company relied on subsections 5.5(b) and 5.7(1)(b) of Multilateral Instrument 61-101 to exempt the Offering from the requirements for a formal valuation and minority shareholder approval. To the Company's knowledge, neither it nor the purchaser have knowledge of any material information concerning the Company or its securities that has not been generally disclosed.