Avidian Gold Announces Non-Brokered $2.5M Private Placement

TORONTO, July 06, 2020 (GLOBE NEWSWIRE) -- Avidian Gold Corp. (“Avidian” or the “Company”) (TSX-V: AVG) wishes to announce a private placement of units of the Company (“Units”) at $0.10 per Unit for gross proceeds of up to $2,500,000 (the “Offering”) . Each Unit will consist of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire a Common Share at $0.14 per Common Share for twenty-four (24) months following the issuance of Warrants.

The net proceeds from the Offering shall be primarily used for the development of Avidian’s mineral properties and for general and administrative expenses.

The Offering is conditional upon receipt of required regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued pursuant to the Offering, as well as any compensation options issued to finders, will be subject to a four months and a day statutory hold period in accordance with applicable Canadian securities laws.

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a regional scale advanced stage gold-copper exploration portfolio in Alaska. Avidian’s Golden Zone project also hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au). Additional projects include the Amanita gold property which is adjacent to Kinross Gold’s Fort Knox gold mine in Alaska and the Jungo gold/copper property in Nevada.

The information in respect of the Golden Zone project is adopted from the Technical Report on the Golden Zone Property, August 17, 2017, L. McGarry P.Geo & I. Trinder P.Geo, A.C.A Howe International Ltd (the “Technical Report”).

Avidian is the majority owner of High Tide Resources, a private company with an option on the Labrador West iron ore property and owns the base metal Strickland Property and the Black Raven gold property, all located in Newfoundland and Labrador, Canada.

Avidian is focused on and committed to the development of advanced stage mineral projects throughout first world mining friendly jurisdictions using industry best practices combined with a strong social license from local communities. Further details on the Corporation and the individual projects, including the NI 43-101 Technical report on the Golden Zone property, can be found on the Corporation’s website at www.avidiangold.com.