ORIGINAL: Golden Rapture Mining Corporation -- Closes Financing From Equity Facility
2024-09-27 09:50 ET - News Release
(via TheNewswire)
Edmonton, AB – TheNewswire - September 27, 2024 – Golden Rapture Mining Corporation (CSE: GLDR) ("Golden Rapture Mining", the "Company") a mining company focused on gold projects is pleased to announce that it has recently leveraged its non-revolving equity drawdown facility with Crescita Capital LLC (“Crescita Capital”). The Company has drawn down CA$ 150,000 from this facility, resulting in the issuance of a total of 882,353 Common shares at $0.17 per common share. Proceeds from the abovementioned draw from Crescita Capital will be used to fund general and administrative expenses. The closing date of this transaction is September 27, 2024.
Original Equity Draw Down Agreement Terms On March 10, 2023, the Issuer entered into the Investment and Advisory Agreement (the “Agreement”) with Crescita pursuant to which Crescita will (a) provide certain advisory services (the "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 $5,000,000 (the "Funding Commitment"). The Funding Commitment is for an aggregate amount of $5,000,000 and the Issuer will have three years to utilize the $5,000,000 to expand and develop its assets. The Agreement is disclosed in our prospectus dated December 14, 2023 available on SEDAR+.
In addition, the Issuer may use the Funding 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 $5,000,000 Funding Commitment during the three year term at the Issuer's discretion by providing a notice to Crescita ("Drawdown Notice"). In return for each Drawdown Notice funded by Crescita, the Issuer will allot and issue fully paid Common Shares to Crescita (each, a "Private Placement"). The Common Shares issued in connection with any Private Placement will be priced at 90% of the average closing bid price resulting from the following ten days of trading after the Drawdown Notice ("Pricing Period").
As of the date of this press release, the number of issued and outstanding Common Shares of the Company is 25,229,224 Common Shares, following this transaction. The common shares of the Company were listed on the Canadian Securities Exchange on March 8, 2024, 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 materially affect on control of the Company.
About Golden Rapture Mining
Golden Rapture Mining is a well-funded exploration company engaged in the acquisition, exploration, and development of high-potential assets located in favorable, established Tier 1 mining jurisdictions being the Rainy River and Geraldton areas of NW Ontario, Canada.
On behalf of the Board
Richard Rivet,
President & CEO
Email: goldenrapture@outlook.com
Phone: 780-729-5395