Offering Details
Securities issued: 31,087,200 common shares at C$ 0.075 per share.
Share capital: Following the closing of the Offering, the Company has 204,813,876 common shares issued and outstanding.
Finders Fees: The Company paid cash finders fees of C$ 15,750 and issued 406,000 shares, all subject to applicable securities laws.
Insider participation: Insiders subscribed for an aggregate of 2,000,000 common shares for gross proceeds of C$150,000. The insider participation constitutes a related party transaction under MI 61-101. The Company is relying on the exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101.
Hold period: All securities issued under the Offering are subject to a statutory hold period of four months from the date of issuance, in accordance with applicable Canadian securities laws.
Use of proceedsNet proceeds will be used to advance the Sarikaya project including installment payments to the previous owner, underground development, drilling, mine equipment and permitting costs, and for general working capital. The Company also plans advanced exploration activities within the Sarikaya license area.
Management Commentary"Thank you to our shareholders in Canada, Germany and Austria for the strong support.", said Dr. Larry ...
