Leocor Gold closes $11.01-million private placement

Jul 14, 2021

2021-07-14 12:30 ET – News Release

Mr. Alex Klenman reports

LEOCOR GOLD RAISES $11 MILLION IN PRIVATE PLACEMENT OFFERING

Leocor Gold Inc. has completed its previously announced private placement for gross proceeds of $11.01-million. In connection with completion of the offering, the company has issued 17.02 million non-flow-through units at a price of 50 cents per NFT unit, and 4.16 million flow-through units at a price of 60 cents for FT Unit.

Each NFT unit and FT unit comprises one common share of the company and one transferable common share purchase warrant with each warrant entitling the holder thereof to purchase one additional share at a price of 75 cents per share until July 13, 2023.

All securities issued under the offering are subject to a statutory period until Nov. 14, 2021, in accordance with applicable Canadian securities laws. In connection with completion of the offering, the company paid finders’ fees of $591,171 and issued 1.15 million warrants to certain eligible third parties who assisted in introducing subscribers.

The company expects to use the proceeds from the offering for further exploration and project development in Newfoundland, for marketing of the company, as well as for general working capital purposes.

The company also announces that it has granted 700,000 incentive stock options to certain directors and officers of the company. The options are exercisable at a price of 90 cents until July 13, 2026, and vest immediately.

About Leocor Gold Inc.

Leocor Gold is a rapidly growing British Columbia-based resource exploration and development company principally focused on strategic growth though the acquisition of overlooked, undervalued or unexplored precious metals projects principally in the province of Newfoundland, Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte mining district which includes the Dorset, Dorset extension, Copper creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The company also controls the 6,847-hectares grassroots Startrek project near Gander, as well as three district-scale land packages in North Central Newfoundland, known as the western exploit district consisting of the Robert’s Arm, Hodge’s Hill, and Leamington claim areas, representing over 144,000 hectares (1,440 square kilometers) of regional geologically favorable corridors conducive to gold mineralization.

We seek Safe Harbor.

https://leocorgold.com/