Palisade comments re: financing Labrador Gold investor Palisades buys 2 million shares
Labrador Gold Corp (C:LAB)
Shares Issued 92,894,175
Last Close 10/7/2020 $0.44
Wednesday October 7 2020 - News Release
An anonymous representative of Palisades reports
PALISADES GOLDCORP LTD. FILES EARLY WARNING REPORT IN RESPECT OF LABRADOR GOLD CORP.
Palisades Goldcorp Ltd. has filed an early warning report in respect of its securityholdings in Labrador Gold Corp.
The Company advises that today it acquired a further 2,000,000 Common shares in the capital of Labrador Gold at a price of $0.38 per Common share (the "Acquisition") through the facilities of the TSX Venture Exchange. Immediately prior to the Acquisition, the Company directly held 4,300,000 Common shares of Labrador Gold then representing approximately 4.61% of the issued and outstanding Common shares of Labrador Gold on an undiluted basis or approximately 3.15% on a fully diluted basis. Immediately following the Acquisition, Palisades directly held 6,300,000 Common shares of Labrador Gold representing approximately 6.75% of Labrador Gold's current issued and outstanding Common shares on an undiluted basis or approximately 4.62% on a fully diluted basis.
In addition, Palisades presently holds 4,300,000 Common share purchase warrants of Labrador Gold (the "Warrants"). Each Warrant entitles Palisades to purchase one additional Common share of Labrador Gold until June 25, 2022, at an exercise price of $0.30 per Common share. If all Warrants were exercised, the Company would hold 10,600,000 Common shares of Labrador Gold representing approximately 10.86% of Labrador Gold's then issued and outstanding Common shares on an undiluted basis and approximately 7.91% on a then fully diluted basis.
The Company acquired the 2,000,000 Common shares of Labrador Gold for investment purposes. The Company may, as future circumstances may dictate, from time to time, increase or decrease its ownership of Labrador Gold's securities, whether in transactions over the open market, by privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
This press release is being issued in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated October 7, 2020. The early warning report has been filed on the System for Electronic Document Analysis and Review (SEDAR) under Labrador Gold's issuer profile at www.sedar.com. To obtain a copy of the early warning report filed by Palisades, please contact Collin Kettell at 301-744-8744 or via email to collin@palisades.ca or refer to SEDAR.