Gold Basin Resources Corporation (TSX-V:GXX) has named a new chairman, arranged a financing, and postponed its annual general meeting (AGM) of shareholders that was to have been held on December 15, 2022, to March 1, 2023.
Gold Basin said that Michael Povey, the company's chief executive officer, has been appointed as the chairman of the board to replace John Robins. It noted that Povey is a mining engineer and consults with numerous companies worldwide with particular emphasis on project acquisition, financial/technical evaluation and development.
Gold Basin also said it has arranged a non-brokered private placement of up to 8,333,333 common shares in the capital of the company for a subscription price of 15 cents per share for gross proceeds of up to approximately $1.25 million.
READ: Gold Basin Resources identifies new targets and potential additional deposit styles at Gold Basin project in Arizona
The proceeds of the financing are intended to finance continuing exploration at the company's mineral projects and for general working capital.
The company said it may pay finders' fees on all or a portion of the financing. All securities issued in connection with the financing will be subject to a hold period of four months and one day in Canada.
The financing is subject to the receipt of all necessary approvals, including acceptance for filing of the financing by the TSX Venture Exchange and any applicable securities regulatory authorities.
Highlighting the postponement of its AGM, Gold Basin said the specific time and location of the new AGM are not yet determined, and that it will deliver a new notice of meeting, management information circular and proxy materials to its shareholders in connection with the meeting, which is expected to be an annual general and special meeting.
The company said it is postponing the meeting in an effort to ensure that shareholders receive the meeting materials in a timely manner and to include at least one additional resolution to be presented to shareholders in respect of the ratification and approval of an 'advance notice policy'.
The advance notice policy is expected to be presented to shareholders of the company for ratification and approval at the meeting. The purpose of the policy is to provide shareholders, directors and management of the company with guidance on the nomination of directors.
Gold Basin is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America, including the Gold Basin property located in the Gold Basin mining district, Mohave county, Arizona, which comprises five mineral rights and 294 unpatented mining claims totalling 30.8 square kilometres.
A total of 74 new unpatented claims and an option to acquire additional claims have expanded the total land footprint to 40 square kilometres.
Contact the author at jon.hopkins@proactiveinvestors.com