Good value, 15 Million Outstanding, P/P .30 trading at .20 Boreal Gold closes $121,500 private placement
2024-12-31 17:20 ET - News Release
Mr. Richard Masson reports
BOREAL GOLD ANNOUNCES THE CLOSING OF THE PRIVATE PLACEMENT FOR $121,500.00
Boreal Gold Inc. has closed the financing of $121,500.00 of a non-brokered private placement announced on Dec. 20, 2024. The closing comprised 235,000 flow-through units at a price of 30 cents per flow-through unit representing proceeds of $70,500.00 and 170,000 units at a price of 30 cents per unit, representing proceeds of $51,000.00 for an aggregate total raised of $121,500.
The offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. The securities issued are subject to a four-month statutory hold period in Canada ending on May 1, 2025.
The units consist of, and separate immediately upon closing into, one common share of the issuer and one common share purchase warrant, each entitling the holder to purchase one common share at an exercise price of 30 cents per warrant for a period of 24 months following the date of issuance. The flow-through units shall consist of, and separate immediately upon closing into, one common share, to be issued as a flow-through share within the meaning of the Income Tax Act (Canada).
Use of proceeds
Boreal Gold intends to use the proceeds from this financing to perform ground geophysical surveys over the western portion of the Fay Lake grid (not previously covered) along with a portion of the Melgurd Lake grid to cover two to three prospective airborne conductors. The proceeds will also be used for assaying the rock samples collected on both the Fay Lake property and the Melgurd Lake property this past summer/fall and completing the mapping, prospecting and sampling reports on both properties and for corporate purposes.
Qualified person
Stephen L. Masson, MSc, PGeo, is the qualified person as defined by National Instrument 43-101 for these projects, has reviewed and approved the technical disclosure contained in this news release.
About Boreal Gold Inc.