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TORONTO, June 24, 2022 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS) (“Angus“or the”Company”) is pleased to announce a fully subscribed non-brokered private placement consisting of 5,057,000 flow-through common shares of the Company (“Ordinary shares of FT”) at a price of C$1.15 per common share of FT for gross proceeds of C$5,815,550 (the “Funding”).
The gross proceeds from the financing will be used to fund the Company’s exploration projects in Ontario. The Company will use an amount equal to the gross proceeds received by the Company from the sale of the shares of FT, in accordance with the provisions of the Income Tax Act (Canada) (the “tax law), to incur qualifying “Canadian exploration expenditures” which are considered “qualified exploration expenditures”.Eligible expenses”). The Company will waive all Eligible Expenses in favor of applicants for FT Shares from 31 December 2022.
The closing of the financing is expected to occur on or about June 28, 2022 and is subject to obtaining regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”). The securities to be issued under the Financing will have a hold period of four months and one day from closing.
The Company further announces that it has entered into a tax advisory agreement (the “Consulting Agreement”) with Medalist Capital Ltd. (“Medal”) under which Medalist will provide general advice and planning services in the context of strategic equity and debt market analysis (the “Services”). Subject to TSXV approval, the Company and Medalist have agreed that payment for the Services will be in common stock of the Company (“Ordinary actions”) in the amount of 263,220 ordinary shares (the “Counterpart shares”). The deemed price of the Consideration Shares to be issued will be determined after the date on which the Services are provided to the Company.
The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Law”), or any U.S. state securities law, and may not be offered or sold in the United States without registration under U.S. securities law and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, and there will be no sale of such securities in any jurisdiction in which such offer, solicitation or sale would be illegal.
About Angus Gold:
Angus Gold Inc. is a Canadian mining exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky project in Wawa, Ontario.
Insiders currently own approximately 47% of the Company and New Gold Inc. (TSX: NGD) approximately 9.9%, each based on the number of issued and outstanding common shares.
On behalf of Angus Gold Inc.,
Chairman and Chief Executive Officer and Director
E-mail: [email protected]
Company website: www.angusgold.com
TSXV: GUS | USOTC: ANGVF
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains certain “forward-looking statements” that are not historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words that indicate that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company does not guarantee that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, but is not limited to, the completion of the financing under the terms disclosed or not at all, the company’s objectives, goals or future plans, statements, results of exploration, potential mineralization, estimate of mineral resources resources, plans for exploration and mine development, timing of commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counter the effects of the COVID-19 pandemic on the Company’s business, including but not limited to the effects of COVID -19 on capital markets, commodity price supply chain disruptions, labor and on-site presence restrictions. local and international labor and travel, failure to obtain required approvals for transactions contemplated by the agreement, failure to identify mineral resources, failure to convert mineral resources to reserves, failure to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failure to obtain government approvals, envir environmental or other requirements for the project, political risks, inability to fulfill the obligation to accommodate First Nations and other Indigenous peoples, uncertainties related to the availability and costs of necessary funding in the future, variations stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in project development, capital and operating costs that vary significantly from estimates and other risks involved in the mining exploration and development industry, and the risks described in the Company’s public filings on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time frames disclosed or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.