Gatling Exploration arranges private placementsLooks like the placement prices are too low.
Gatling Exploration arranges private placements
2020-07-20 18:53 ET - News Release
Mr. Nav Dhaliwal reports
GATLING EXPLORATION ANNOUNCES PRIVATE PLACEMENTS
Gatling Exploration Inc. has arranged, subject to TSX Venture Exchange acceptance, a non-flow-through financing of 10.3 million common shares at 25 cents per share for total gross proceeds of $2,575,000 and a flow-through financing of 4.05 million flow-through common shares at 30 cents per flow-through share for total gross proceeds of $1,215,000.
Gatling intends to use the gross proceeds from the issuance of the non-flow-through shares for exploration expenditures and for general working capital. Gatling intends to use the gross proceeds from the issuance of the flow-through shares for Canadian exploration expenses that will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada).
All securities issued under the placements will be subject to a four-month-and-one-day hold period from the date of issue in accordance with applicable securities laws.
About Gatling Exploration Inc.
Gatling Exploration is a Canadian gold exploration company focused on advancing the Larder gold project, located in the prolific Abitibi greenstone belt in Northern Ontario. The Larder property hosts three high-grade gold deposits along the Cadillac-Larder Lake break, 35 kilometres east of Kirkland Lake.
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