Financing
Falcon Gold arranges $300,000 private placement
2024-10-18 17:29 ET - News Release
Mr. Karim Rayani reports
FALCON ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Falcon Gold Corp. has arranged a non-brokered private placement of up to five million flow-through (FT) units at four cents per FT unit and up to 2,857,143 non-flow-through (NFT) units at 3.5 cents per NFT unit for aggregate gross proceeds of up to $300,000.
Each FT unit consists of one flow-through share of the company and one-half of one share purchase warrant. Each FT unit warrant entitles the holder thereof to acquire one non-flow-through share at an exercise price of eight cents per warrant share for a period of two years.
Each NFT unit consists of one non-flow-through share of the company and one share purchase warrant. Each NFT unit warrant entitles the holder thereof to acquire one warrant share at an exercise price of five cents per warrant share for a period of four years.
The gross proceeds from the sale of the FT units will be used to incur Canadian exploration expenses within the meaning of the Income Tax Act (Canada) on the company's properties in the province of Ontario. The gross proceeds from the sale of the NFT units will be used for general working capital and corporate purposes. None of the proceeds from the private placement will be used for payments to non-arm's-length parties or persons conducting investor relations activities.
Finders' fees may be paid in connection with the private placement. All securities issued pursuant to the private placement will be subject to a statutory hold period in accordance with applicable Canadian securities laws. The private placement is subject to approval of the TSX Venture Exchange.