GFG Announces Private Placement of up to C$2.0 Million in Flow-Through Financing

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SASKATOON, Saskatchewan, Dec. 07, 2018 (GLOBE NEWSWIRE) -- (“GFG” or the “Company”) announces a non-brokered private placement to raise gross proceeds of up to C$2.0 million (the “”).  The Offering will consist of the sale of up to 5.2 million Tranche A flow-through common shares of the Company (the ) at a price of C$0.29 per A FT Share and of up to 2.0 million Tranche B flow-through common shares of the Company (the ) at a price of C$0.25 per B FT Share.

Brian Skanderbeg, President and CEO commented, “This financing allows us to fund and execute our exploration programs during the first half of 2019. The program will include an aggressive first quarter drill program testing some of our best targets at our Pen Gold Project west of the prolific Timmins gold district in Ontario. We have made excellent progress with the 2018 exploration program and look forward to sharing and building upon those results early in 2019.” 

Gross proceeds raised under the Offering will be used for exploration activities in Ontario that will qualify as “Canadian Exploration Expenses” (within the meaning of the ).

The Offering is scheduled to close on or about December 21, 2018 and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.  The Offering is being made by way of private placement in Canada. The securities sold will not be offered or sold in the United States, and will each be subject to a hold period expiring four months and one day from their issuance.

All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”).  Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.  Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. 

All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada and the United States will continue to support the development of mining projects in Canada and the United States.  In addition, the similarity or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Project and the Dore Gold Project.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:  actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties.  These risks and uncertainties are not, and should not be construed as being, exhaustive. 

Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment.  Accordingly, readers should not place undue reliance on forward-looking statements. 

Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-looking statements, except as required by applicable laws.

More news and information about GFG Resources Inc.

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Globe Newswire: 11:00 GMT Friday 7th December 2018

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