C2C Gold Corp. Completes $2.63 Million Private Placement and Strategic Investment by Eric Sprott
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VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) -- C2C Gold Corp. (CSE: CTOC;) (the “Company” or “C2C”) is pleased to announce that it has completed a private placement of 16,450,000 units of the Company (the “Units”) at a price of $0.16 per Unit for gross proceeds of $2,632,000 (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.20 for a period of two years from the closing date.
Janet Lee-Sheriff, Executive Chair of C2C stated “We are honoured to have Mr. Sprott’s support as we move our projects forward in the Central Newfoundland Gold Belt. The additional funds will allow us to expand our 2021 exploration season to focus in on identifying and executing our high priority drill targets. We believe an aggressive work plan enhances the potential for discovery.”
Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 11,000,000 Units under the Offering for a total consideration of $1,760,000. Subsequent to
the closing of the Offering, Mr. Sprott beneficially owns or controls 11,000,000 Common Shares of the Company and 5,500,000 Warrants, representing approximately 14.3% of the issued and outstanding
Common Shares of the Company on a non-diluted basis and approximately 19.9% of the issued and outstanding Common Shares of the Company on a partially diluted basis assuming exercise of the warrants
acquired hereunder and forming part of the Units. Prior to the Offering, Mr. Sprott did not beneficially own or control any Common Shares of the Company.
The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of C2C, including on the open market or through private acquisitions, or sell securities of the Company, including on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other factors that Mr. Sprott considers relevant from time to time.