- Tudor Gold (TUD) has closed its C$15 million private placement with participation from Eric Sprott
- The company will use the proceeds for ongoing exploration, working capital requirements and other general corporate purposes
- The gross proceeds from flow-through shares will be used for flow-through mining expenditures on its flagship Treaty Creek Property
- Sprott acquired 952,200 common shares pursuant to the offering and now owns 16.2 per cent of the company on a fully diluted basis
- Tudor Gold is a precious and base metal exploration and development company with properties in British Columbia’s Golden Triangle
- Tudor Gold (TUD) is down by 4.72 per cent and is currently trading at $2.02 per share
Tudor Gold (TUD) has closed its C$15 million private placement with participation from Eric Sprott.
The company sold 2,250,600 common shares priced at $2.10 per share, as well as 4,109,496 common shares – which will qualify as flow-through shares as described in the Income Tax Act (Canada) – at a price of $2.50 per flow-through share.
The company will use the proceeds for ongoing exploration, working capital requirements and other general corporate purposes.
The gross proceeds from flow-through shares will be used for eligible Canadian exploration expenses (CEE) qualified as flow-through mining expenditures on its flagship Treaty Creek Property.
The company will incur the CEE on or before December 31, 2022, and renounce them to flow-through shareholders no later than December 31, 2021.
Sprott – through 2176423 Ontario Ltd. – acquired 952,200 common shares pursuant to the offering. He now owns 17.6 per cent of the company on a non-diluted basis and 16.2 per cent on a fully diluted basis.
As a Tudor insider, Sprott’s participation is a related-party transaction under the policies of the TSXV and Multilateral Instrument 61-101: Protection of Minority Security Holders in Special Transactions.
Research Capital Corporation served as lead agent and sole bookrunner on behalf of a syndicate, which included Canaccord Genuity and Red Cloud Securities.
Tudor Gold is a precious and base metal exploration and development company with properties in British Columbia’s Golden Triangle.
Tudor Gold (TUD) is down by 4.72 per cent and is currently trading at $2.02 per share as of 12:31 pm ET.
