Ready Set Gold Corp. (CSE:RDY) said it has closed the private placement it announced on September 29, 2022, and has issued 6,812,143 units at a price of $0.07 per unit for total gross proceeds of $476,850.
The proceeds raised from the placement are expected to be used for the company's repayment of debt and for general working capital.
Each unit in the placement is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company for a period of five years from the closing of the placement at an exercise price of $0.09 per share.
READ: Ready Set Gold reveals positive updated resource estimate for its Northshore project in Ontario
Certain insiders of the company subscribed for an aggregate total of 1,828,571 units under the placement.
In connection with the placement, the company agreed to pay finder's fees consisting of an aggregate of $3,543 in cash, and a total of 50,614 finder's warrants. Each finders' warrant entitles the holder to acquire one common share at a price of $0.27 per share for a period of three years from the closing of the placement.
All securities issued under the placement will be subject to a four-month hold period expiring on March 25, 2023, under applicable securities laws in Canada.
Ready Set Gold is a precious metals exploration company that now owns a 100% interest of the Northshore Gold Property located in the prolific Schreiber-Hemlo Greenstone Belt near Thunder Bay, which is prospective for gold and silver mineralization.
Contact the author at jon.hopkins@proactiveinvestors.com