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Goldshore Announces $12.5 Million Private Placement to Accelerate Strategic Plan at the Moss Gold Deposit

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VANCOUVER, British Columbia, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Goldshore Resources Inc. (TSXV:GSHR) ("Goldshore" or the "Company" or the "Corporation") is pleased to announce that it has entered into an agreement with Eight Capital, as the sole bookrunner and co-lead agent, and together with Clarus Securities Inc., as co-lead agent, on behalf of a syndicate of agents, including Paradigm Capital Inc. (collectively, the "Agents") pursuant to which the Company has launched a private placement (the "Offering") for aggregate gross proceeds of up to $12,500,000 in any combination of: (i) Flow-through shares of the Company (the "FT Shares"), at a price of $0.475 per FT Share, and (ii) Charity flow-through shares (the "Charity FT Shares") at a price of $0.53 per Charity FT Share (together with the FT Shares, the "FT Securities").

The Company has granted the Agents an option to offer for sale up to an additional 15% of the FT Securities, in any combination, at their respective issue price (the "Over-Allotment Option"). The Over-Allotment Option will be exercisable, in whole or in part, up to 48 hours prior to the Closing Date.

Gross proceeds from the Offering will be used to incur eligible Canadian exploration expenses and flow-through mining expenditures, as defined in the Income Tax Act (Canada), and eligible Ontario exploration expenditures, as defined in the Taxation Act, 2007 (Ontario) (collectively, "Qualifying Expenditures"). Eventus Capital Corp. has been appointed as an advisor to the Company.

Michael Henrichsen, CEO of Goldshore commented, "The gross proceeds from the FT Share sale will accelerate Goldshore's Strategic Plan to advance the Moss Gold Deposit. By raising funds at this juncture, the Company will be in a position to execute a 15,000 meter winter drill program within the conceptual open pit. The aim of the program will be to increase the ounce profile of the deposit and reduce the strip ratio by extending known mineralization vertically toward the surface and by increasing drill density in locations where mineralized intercepts are too widely spaced to be included in the inferred resource category. We believe the results from this program will positively impact the economic performance of the project on the back of the PEA being completed by G Mining Services in Q1 of 2025.

The Company also plans to conduct a discovery-based exploration program through top of bedrock sampling and a ground based IP ...