News today.
Golden Rapture draws down $50,025 from equity line
2024-10-29 08:43 ET - News Release
Mr. Richard Rivet reports
GOLDEN RAPTURE MINING CORPORATION - CLOSES FINANCING FROM EQUITY FACILITY
Golden Rapture Mining Corp. has recently leveraged its non-revolving equity drawdown facility with Crescita Capital LLC. The company has drawn down $50,025 from this facility, resulting in the issuance of a total of 345,000 common shares at 14.5 cents per common share. Proceeds from the aforementioned draw from Crescita Capital will be used to finance general and administrative expenses.
Original equity drawdown agreement terms
On March 10, 2023, the issuer entered into the investment and advisory agreement with Crescita, pursuant to which Crescita will: (a) provide certain advisory services to the issuer; and (b) make available to the issuer a non-revolving equity drawdown facility in the aggregate amount of up to $5-million. The financing commitment is for an aggregate amount of $5-million and the issuer will have three years to utilize the $5-million to expand and develop its assets. The agreement is disclosed in the company's prospectus dated Dec. 14, 2023, available on SEDAR+.
In addition, the issuer may use the financing commitment as security, with the consent of Crescita, to secure additional financing avenues if it so chooses. Upon listing of the issuer's common shares and under the terms of the investment and advisory agreement, the issuer can immediately start drawing down funds from the $5-million financing commitment during the three-year term at the issuer's discretion by providing a notice to Crescita. In return for each drawdown notice financed by Crescita, the issuer will allot and issue fully paid common shares to Crescita. The common shares issued in connection with any private placement will be priced at 90 per cent of the average closing bid price resulting from the following 10 days of trading after the drawdown notice.
As of the date of this press release, the number of issued and outstanding common shares of the company is 25,574,224 common shares, following this transaction. The common shares of the company were listed on the Canadian Securities Exchange on March 8, 2024, and began trading on March 12, 2024, under the symbol GLDR.
No compensation or finders' fees were payable pursuant to this financing transaction. There was no insider participation in this financing transaction, with no new insider control position created nor any material effect on control of the company.
About Golden Rapture Mining Corp.
Golden Rapture Mining is a well-financed exploration company engaged in the acquisition, exploration and development of high-potential assets located in favourable, established Tier 1 mining jurisdictions, including the Rainy River area of Northwestern Ontario, Canada.