Private Placement Closed Thinking that this has now closed, we could be setting up for news, increased trading activity and hopefully a move upward. I think there is enough here to merit a flyer on this stock
ROYAL FOX ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Royal Fox Gold Inc., pursuant to its press release of March 18, 2022, has closed a non-brokered private placement through the issuance of 8,333,334 common shares in the capital of the company issued on a flow-through (FT) basis at a price of six cents per FT share for aggregate gross proceeds of $500,000.04. The FT Shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada).
Simon Marcotte, President and Chief Executive Officer of the Company, stated: "This small flow through financing will allow Royal Fox to complete the current 15,000-metre exploration program while preserving the company's hard dollars. I would like to thank the directors of the Company, as well as Mme Adree Delazzer, Vice-President Exploration, for their support and participation in this financing, which ensures that the shares are in good hands as the Company moves towards its next stage of development, including the publication of a maiden 43-101 resource in the months ahead."
The placees of the private placement are as follow:
- Victor Cantore, Executive Chairman, Director: 3,400,000 shares
- Simon Marcotte, President & CEO, Director: 3,400,000 shares
- Frank Guillemette, Director: 700,000 shares
- Brad Humphrey, Director: 666,667 shares
- Adree DeLazzer, Vice-President Exploration: 166,667 shares
- TOTAL: 8,333,334 shares
Mr. Frank Guillemette, largest shareholder and Director of the Company, will now own 59,242,510 shares representing 21.66% of the total shares outstanding of Royal Fox. The total insider ownership of the Company will now stand at 77,798,177 shares, or more than 28% of the total shares outstanding of Royal Fox.