Gatling closes $329,998 final tranche of financing
2018-11-30 18:42 ET - News Release
Mr. Dale Ginn reports
GATLING CLOSES FINAL TRANCHE OF PLACEMENT
Gatling Exploration Inc., further to its news release of Nov. 23, 2018, has closed the final tranche of its private placement in the amount of 1,099,995 flow-through (FT) common shares at 30 cents per FT share for total gross proceeds of $329,998.50.
Of the total placement of 11,544,327 FT shares, insiders of the company subscribed for 453,333 FT shares. The insiders are relying on exemptions under sections 5.5(a) and (b) and 5.7(a) of Multilateral Instrument 61-101 in order to subscribe for the placement.
The gross proceeds from the issuance of the FT shares will be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada).
All securities issued under the placement will be subject to a four-month hold period from the date of issue in accordance with applicable securities laws.