Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - Go Metals Corp. (CSE: GOCO) ("Go Metals" and/or the "Company") is pleased to announce a non-brokered private placement ofup to 1,200,000 flow-through units of Go Metals (the "FT Units") at a price of C$1.254 per FT Unit for aggregate gross proceeds of up to C$1,504,800 (the "Offering"). Each FT Unit will consist of one common share of the Company issued as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Qubec)) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of C$1.00 for a period of 24 months from the closing of the Offering.
The gross proceeds of the Offering will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) and, in respect of Qubec resident subscribers who are eligible individuals, will qualify for inclusion in the "exploration base relating to certain Qubec surface mining or oil and gas exploration expenses" and the "exploration base relating to certain Qubec exploration expenses" of the Company as such terms are defined in the Taxation Act (Qubec) (the "Qualifying Expenditures") related to the Company's properties located in Quebec, Canada on or before December 31, 2023. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2022.
Finders' fees equal to (i) cash finders' fee of 8.0% of the proceeds placed by the applicable finder; and (ii) finders' warrants of 8.0% of the FT Units placed by the applicable finder may be payable in connection with the Offering.
The Offering is subject to the receipt of all regulatory approvals including the approval of the Canadian Securities Exchange. All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful prior to registration under U.S. Securities Act of 1933 or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.
About Go Metals
Go Metals targets Canadian battery metal projects to help power a sustainable future. The company flagship is a nickel-copper sulphide project 130 kilometres north of Havre-Saint Pierre, Quebec in the Nitassinan of the Innu of Ekuanitshit.
For further information, please contact:
Scott Sheldon, President
604.725.1857