TSX:GMTN - Post Discussion
Post by
GoldenPolarBear on Aug 23, 2024 5:31pm
« Gold Mountain Announces Closing of $6.5 Million Financing
"...
Gold Mountain Announces Closing of $6.5 Million Financing..."
Insider Participation
As previously disclosed in the August 15, 2024 press release, Nhwelmen owns 216,666,667 common shares of the Company, representing 27.30% of the issued and outstanding common shares of the Company and therefore is an "insider" of the Company for purposes of the TSX Company Manual and a "related party" of the Company pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). As an affiliate of Nhwelmen, the Investor is also considered to be an "insider" of the Company for purposes of the TSX Company Manual and a "related party" of the Company pursuant to MI 61-101. Assuming full conversion of the Convertible Debenture, Nhwelmen and its affiliates, being the Investor, would own 297,916,667 common shares representing 34.05% of the Company's common shares, on a non-diluted basis.
The issuance of the Convertible Debenture to the Investor is a "related party transaction" within the meaning of MI 61-101. The Company's Special Committee (as defined below) have determined that the Company meets the financial hardship requirements of Section 5.5(g) and Section 5.7(1)(e) of MI 61-101, respectively, as the Convertible Debenture is designed to improve the financial position of the Company, and the terms of the transaction is reasonable in the circumstances of the Company...."
https://www.accesswire.com/906257/gold-mountain-announces-closing-of-65-million-financing
https://www.cnbc.com/2024/08/23/gold-mining-stocks-to-buy-into-the-gold-rush-analysts.html
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