- Solstice Gold Corp. (SGC) has closed its previously announced private placement financing for gross proceeds of approximately $2.7 million
- In the two-part private placement, Solstice issued 12,766,667 HD units at a price of $0.12 per HD unit
- The company also issued 8,707,216 NFT units at a price of $0.135 per NFT unit
- Insiders of the company subscribed for an aggregate of 11,044,167 HD units and 2,285,184 NFT units, representing about $1.63 million of the gross proceeds of the offering
- Solstice Gold Corp. is an exploration company with quality, district-scale gold projects in established mining regions of Canada
- Solstice Gold Corp. opened trading at $0.08 per share
Solstice Gold Corp. (SGC) has closed its previously announced, upsized private placement financing for gross proceeds of approximately $2.7 million.
In the two-part private placement, Solstice issued 12,766,667 HD units at a price of $0.12 per HD unit, each made up of one common share of the company and one warrant exercisable for one common share at $0.17 for 18 months from the closing date.
The company also issued 8,707,216 NFT units at a price of $0.135 per NFT unit, each made up of one common share qualifying as a flow-through share for purposes of the Income Tax Act (Canada) (ITA) and a half warrant on the same terms as the warrants in the HD units, representing an upsize from its previously announced $1.1 million anticipated gross proceeds of the offering.
Insiders of the company subscribed for an aggregate of 11,044,167 HD units and 2,285,184 NFT units, representing approximately $1.63 million of the gross proceeds of the offering.
Michael Gentile, a director of the company, acquired 1,250,000 HD units at a price of $0.12 per HD unit for proceeds of $150,000.
Kevin Reid invested, another director, acquired $1.0 million of HD units at a price of $0.12 per unit, increasing his ownership in the company to approximately 16.5 per cent.
The gross proceeds of the offering will be used for general corporate purposes, working capital and to fund exploration programs qualifying as “Canadian Exploration Expenses” and “flow-through mining expenditures.”
The company has also announced that Kevin Reid will step down as a director of the company effective September 30, 2022, due to personal time constraints and will remain the largest shareholder of the company.
Solstice Gold Corp. is an exploration company with quality, district-scale gold projects in established mining regions of Canada.
Solstice Gold Corp. opened trading at $0.08 per share.