Plato Gold Corp. Announces Update to $400,000 Non-Brokered Private Placement and Extension of Closing
TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC; Frankfurt: 4Y7 or WKN: A0M2QX) (“Plato” or the
“Company”) announces that the non-brokered private placement of up to 8,000,000 units (“Units”) at a price of CAN$0.05 per Unit previously announced on November 3,
2020 (the “Offering”) will no longer include an acceleration clause for the expiry date of the common share purchase warrants. In addition, the Company announces that it is
extending the closing date to December 14, 2020.
Each Unit will consist of one (1) common share in the capital stock of Plato (“Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of CAN$0.10 per Common Share until the date which is thirty-six (36) months following the closing date of the Offering, whereupon the Warrants will expire.
The Corporation intends to use the net proceeds from the Offering to conduct drilling on the company's Holloway gold property, prepare the company's Lolita property in Santa Cruz, Argentina for an upcoming drill program, and general working capital purposes.
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.
About Plato Gold Corp.
Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange with projects in Timmins Ontario, Marathon Ontario, and Santa Cruz, Argentina.
The Timmins Ontario project includes 4 properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario with a focus on gold.
In Argentina, Plato owns a 95% interest in Winnipeg Minerals S.A. (“WMSA”), an Argentina incorporated company which holds a number of contiguous mineral rights totaling 9,672 hectares with potential for gold and silver.