P2 Gold arranges $500,000 private placement
2024-08-26 09:05 ET – News Release
Mr. Joseph Ovsenek reports
P2 GOLD ANNOUNCES FINANCING
P2 Gold Inc. intends to complete a non-brokered private placement of up to 10 million units at a price of five cents per unit for gross proceeds of up to $500,000.
Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share in the capital of the company at an exercise price of 10 cents for a period of two years from the date of issue, provided that, if after four months from the date of issue, the closing price of the common shares of the company on the TSX Venture Exchange is equal to or greater than 20 cents for a period of 10 consecutive trading days at any time prior to the expiry time, the company will have the right to accelerate the expiry time of the warrants by giving notice to the holders of the warrants by news release or other form of notice permitted by the certificate representing the warrants that the warrants will expire at 4:30 p.m. PT on a date that is not fewer than 15 days from the date notice is given.
The offering will close on the completion of documentation and is conditional upon the receipt of all necessary regulatory approvals, including the approval of the exchange. The proceeds of the offering will be used to finance exploration expenditures and for general corporate purposes.
The offering will be offered to accredited investors in all provinces of Canada pursuant to applicable securities laws. In connection with the offering, the company may pay finders’ fees, as permitted by the policies of the exchange. All securities issued pursuant to the offering will be subject to a four-month hold period.
The company anticipates that insiders will subscribe for units. The issuance of units to insiders is considered a related party transaction, subject to Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation in the offering by the insiders will not exceed 25 per cent of the fair market value of the company’s market capitalization. A material change report in connection with the offering will be filed fewer than 21 days before the closing of the offering. This shorter period is reasonable and necessary in the circumstances as the company wishes to complete the offering in a timely manner.
About P2 Gold Inc.
P2 Gold is a mineral exploration and development company focused on advancing its Gabbs gold-copper project on the Walker Lane trend in Nevada. A positive preliminary economic assessment has outlined a long-life, mid-size mine at Gabbs with annual average production of 104,000 ounces gold and 13,500 tonnes copper over a 14.2-year mine life.
We seek Safe Harbor.
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