Plato Gold Corp. Announces $150,000 Non-Brokered Private Placement
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
TORONTO, May 21, 2020 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (“Plato” or the “Corporation”) is pleased to announce that it intends to complete a non-brokered private placement of up to 3,000,000 common shares (a “Share” or “Shares”) at a price of CAN$0.05 per Share, for gross proceeds of approximately $150,000 (the “Offering”). Closing of the Offering is expected to occur on or about June 18, 2020.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period.
The Corporation intends to use the net proceeds from the Offering on exploration to advance the Good Hope Niobium Property, the Pic River PGM Project, and for general working capital purposes.
“We are very excited about our well-located niobium and palladium projects in Marathon, Ontario,” said Anthony J. Cohen, CEO of Plato Gold Corp. “We are completing first phase mineralogical and metallurgical test work on the Good Hope Niobium project, which includes gravity and flotation scoping tests, utilizing an emerging minerals laboratory - Process Mineralogical Consulting Ltd (PMC) of Maple Ridge, B.C. Further work is planned with PMC Ltd to conduct similar investigations on the Pic River PGM Project located in the same vicinity. If we receive favourable test results, this will give our Good Hope niobium project further momentum to develop into an important, very well-located niobium project. Niobium is a critical mineral that will be in great demand for coming infrastructure projects as well as many other strategic uses. We are fortunate to have unparalleled infrastructure with the project alongside the Trans-Canada Highway, the CP railroad, Hydro One transmission lines, the ports of Marathon and Thunder Bay, and the mining workforce and mining culture of Marathon and the Hemlo area,” added Cohen.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.