Gatling Exploration closes $3.79-million in financings
2020-07-21 10:37 ET - News Release
Mr. Nav Dhaliwal reports
GATLING EXPLORATION CLOSES FINANCINGS TOTALING $3.79M
Gatling Exploration Inc. has closed a non-flow-through financing of 10.3 million common shares at 25 cents per share for total gross proceeds of $2,575,000 and a flow-through financing of 4.05 million flow-through common shares at 30 cents per flow-through share for total gross proceeds of $1,215,000.
The proceeds from the issuance of the non flow-through shares will be used for exploration expenditures and for general working capital. The gross proceeds from the issuance of the flow-through 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).
Two insiders of the Company participated in the financings. Participation of insiders of the Company in the financings constitutes a related party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) ("MI 61-101"). The Company has relied on the exemption from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and the exemption from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.
All securities issued under the placements will be subject to a four month and one day hold period from the date of issue in accordance with applicable securities laws.
About Gatling Exploration
Gatling Exploration is a Canadian gold exploration company focused on advancing the Larder Gold Project, located in the prolific Abitibi greenstone belt in Northern Ontario. The Larder property hosts three high-grade gold deposits along the Cadillac-Larder Lake Break, 35 kilometers east of Kirkland Lake. The project is 100% controlled by Gatling and is comprised of patented and unpatented claims, leases and mining licenses of occupation within the McVittie and McGarry Townships. The 3,370 hectare project area is positioned 7 kilometers west of the Kerr Addison Mine, which produced 11 million ounces of gold. All parts of the Larder property are accessible by truck or all-terrain vehicles on non-serviced roads and trails.
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