Avidian Gold Announces Private Placement Extension
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATESTORONTO, ON / ACCESSWIRE / November 25, 2022 / Avidian Gold Corp. …
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
TORONTO, ON / ACCESSWIRE / November 25, 2022 / Avidian Gold Corp. ("Avidian" or the "Company") (TSXV:AVG) announces that it has received an extension from the TSX Venture Exchange (the "Exchange") to close its non-brokered private placement (the "Offering") that was previously announced on October 17, 2022. The Company currently anticipates Offering will close in one or more tranches on or before December 15, 2022.
The Offering consists of the offer and sale of units of the Company (the "Units") at a price of $0.035 per Unit, for gross proceeds of up to $500,000, exclusive of an upsize option that may be exercised by the Company in the amount of up to 25% of the size of the Offering, subject to the approval of the Exchange. Each Unit will be comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.06 per Common Share for a period of twenty-four (24) months following the closing of the Offering.
Certain insiders of the Company may acquire Units in the Offering. Any participation by insiders in the Offering would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company's market capitalization.
Further details on the Offering, including the total aggregate number of Units issued, aggregate proceeds raised, finder's fees paid, insider participation and use of proceeds, will be announced upon the closing of the Offering. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Exchange. All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day from the date of issuance.