Tudor Gold Corp. (TSXV:TUD) has closed its previously announced brokered private placement offering, with a non-brokered portion of the offering, for aggregate gross proceeds of approximately $7.75 million.
The Offering was led by Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate of agents, including Canaccord Genuity Corp. and Roth Canada Inc.
Eric Sprott, through 2176423 Ontario Ltd, a corporation beneficially owned by him, subscribed for $2 million in the Offering.
The net proceeds will be used for the company’s ongoing exploration drilling programme, working capital requirements and other general corporate purposes. The entire gross proceeds from the issue and sale of the FT Units and Charity FT Units will be used for Canadian Exploration Expenses and will qualify as “flow-through mining expenditures” which will be incurred on or before December 31, 2023 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Units and Charity FT Units.
The company is seeking to spin out its interest in its subsidiary Goldstorm Metals Corp. (which holds six contiguous Golden Triangle Area mineral properties, being the Mackie East, Mackie West, Fairweather, High North, Delta and Orion and Electrum properties) to the current shareholders of the company through a plan of arrangement.
In accordance with the terms of the arrangement agreement between the company and Goldstorm for the Spin-Out Arrangement, the Offered Securities will not entitle the holders or transferees of the Offered Securities to: (i) vote on the Spin-Out Arrangement, or (ii) receive common shares of Goldstorm (the “Goldstorm Shares) in connection with the Spin-Out Arrangement.
About Tudor Gold Corp.
Tudor Gold Corp. is a precious and base metals exploration and development company with properties in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest)
For further information please visit: https://tudor-gold.com/