Snowline Gold Corp announced that it has arranged to issue, on a non-brokered private placement basis, up to seven million flow-through (FT) company common shares, at a price of C$1.40 per FT share, for gross proceeds of up to C$9.8 million, plus up to 12,342,293 Snowline units, at a price of C$1.25 per unit, for gross proceeds of up to C$15,427,866.25.
The gold exploration company said proceeds from the FT offering will be used to support advancement of exploration on its Yukon Territory mineral properties, while funds from the other offering will also be used for exploration along with general and working capital purposes.
Each unit of the private placement will be comprised of one Snowline Gold common share plus one-half of one common share purchase warrant, with each warrant being exercisable for one company common share at an exercise price of C$2.50 for a period of two years.
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Snowline Gold noted that it expects the offering to close in two tranches, the first of which being on or about July 22, 2022, while the second tranche should be completed on or about August 2, 2022.
All securities issued in connection with the offering will be subject to a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities laws.
Snowline Gold is a Yukon Territory-focused gold exploration company with a seven-project portfolio covering more than 106,000 hectares. Its portfolio sits within the prolific Tintina gold province, host to multiple million-ounce-plus gold mines and deposits, including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle mine.
The company is presently exploring its flagship 72,000-hectare Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn Basin.
Contact Sean at sean@proactiveinvestors.com