P2 Gold closes $735,850 private placement
2022-12-20 18:24 ET – News Release
Mr. Joseph Ovsenek reports
P2 GOLD UPSIZES AND CLOSES FLOW-THROUGH FINANCING
P2 Gold Inc. intends to increase the size of its non-brokered private placement of flow-through units of the company, at 29 cents per flow-through unit, from 1,725,000 units to 2,537,414 FT units, previously announced on Dec. 14, 2022. The company also reports that it has closed the FT offering of 2,537,414 FT units for gross proceeds of approximately $735,850.
Each FT unit consists of one flow-through common share in the capital of the company and one non-flow-through common share purchase warrant. The FT shares qualify as flow-through shares for purposes of the Income Tax Act (Canada). Each FT warrant entitles the holder to purchase one additional non-flow-through common share in the capital of the company at an exercise price of 40 cents per common share 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 80 cents for a period of 10 consecutive trading days at any time prior to the FT expiry time, the company will have the right to accelerate the FT expiry time by giving notice to the holders of the FT warrants by news release or other form of notice permitted by the certificate representing the FT warrants that the FT warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than 15 days from the date notice is given.
The gross proceeds of the FT offering will be used to finance exploration expenditures on the Bam project and other Canadian exploration expenses that will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), and B.C. flow-through mining expenditures, as defined in the Income Tax Act (British Columbia).
In connection with the FT offering, the company paid finders’ fees of an aggregate of $4,131 and issued an aggregate of 14,245 warrants to arm’s-length finders, representing 6 per cent of the proceeds raised from subscriptions by, and 6 per cent of the units issued to, certain placees. All securities issued pursuant to the FT offering will be subject to a four-month hold period expiring on April 21, 2022. The securities offered pursuant to the FT offering have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such act.
About P2 Gold Inc.
P2 is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the Western United States and British Columbia.
We seek Safe Harbor.
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