Gold’n Futures Closes Private Placement of “Flow Through” Units for Gross Proceeds of CAD$812,000
December 30 2022 - 3:00PM
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE:
G6M), (OTC: GFTRF) (the “
Company” or
“
Gold’n Futures”) is pleased to announce that on
December 30, 2022 it closed a non-brokered private placement of
“flow‐through” units (“
FT Units”), previously
announced on October 6, 2022 (the “
Private
Placement”). The Company is issuing 16,240,000 FT Units,
at a price of CAD$0.05 per FT Unit. Each FT Unit consists of one
flow through common share that qualifies as a "flow-through share"
for the purposes of the Income Tax Act (Canada) (each, a
“
FT Share”) and one whole common share purchase
warrant (“
Warrant”). Each Warrant is exercisable
to acquire one common share of the Company at a price of CAD$0.075
for a 24‐month term.
In connection with the Private Placement, the
Company paid finder's fees of CAD$2,450 and issued 49,000 finder
warrants (each a "Finder Warrant"). The Finder
Warrant entitles the holder to purchase one common share of the
Company at a price of CAD$0.075 until December 30, 2024.
The proceeds from the sale of FT Units will be
used to fund “Canadian exploration expenses” (as defined in
subsection 66.1(6) of the Income Tax Act (Canada))
related to Gold’n Futures Hercules Project located in northern
Ontario, and the Company has agreed to renounce such “Canadian
exploration expenses” effective no later than December 31,
2022.
All securities issued in connection with the
Private Placement are subject to a statutory hold period in
accordance with applicable Canadian securities legislation.
Gold’n Futures plans to advance the Hercules
Project and to build on its successes to date by beginning the
Company’s 2023 program with:
- Continuing to
build a property-wide digital model incorporating all of the
historical data and all of Gold’n Futures’ 2021 and 2022 mapping,
geophysical surveys and diamond drilling; and,
- Sampling and
assaying of newly recognized gold mineralization in existing
historical core.
During the summer of 2023, the Company will be
conducting field work that will include:
- structural
mapping;
- ground geophysical
surveys;
- targeted diamond
drilling; and
- property-wide
prospecting of new showings and recently defined targets.
The new exploration objectives for Gold’n
Futures’ programs will facilitate its new gold resource block model
and the expanded mineral resource calculation.
Qualified Person
The scientific and technical content of this
press release has been prepared, reviewed, and approved by Mr.
Walter Hanych, P. Geo., who is a Qualified Person under NI43-101
regulations and is a director of the Company.
About Gold’n Futures Mineral
Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE:
G6M) (OTC: GFTRF) is a Canadian based exploration company focused
on advancing its Hercules gold project. The Hercules is located 200
kilometres northeast of Thunder Bay, Ont., in the townships of
Elmhurst and Rickaby, within the Thunder Bay North Mining District.
The Project is in the heart of the Beardmore – Geraldton gold
mining camp, the 4th largest gold camp in Ontario and is 40 km west
of the Greenstone gold mine. The Greenstone gold mine is being
built by Equinox Gold Corp. and is expected to begin production of
about 400,000 ounces per annum by 2024. The Hercules comprises 475
contiguous claim cells (10,052 ha). From historical work completed
on the Property, the Company has built an extensive database
including reconnaissance grab samples; channel samples; a variety
of recent and historical geophysical surveys; and a drill hole
database that includes historical drilling totalling in the order
of 570 holes. Surface showings have demonstrated very
high-grade with grab samples grading up to 10,374 g/t gold and
channel samples up to 32.96 g/t gold across 11.6 m. Similar results
have been obtained in drilling. Gold’n Futures is set to begin the
expansion Hercules gold zones that should offer top tier potential
for the expansion of its gold resources.
For more information, please visit our website
at: www.goldnfuturesmineralcorp.com
On behalf of the Board of
DirectorsFor further information
Stephen Wilkinson,President and CEO,(236)
886-8808
The Canadian Securities Exchange accepts
no responsibility for the adequacy or accuracy of this
release.
This news release may contain forward-looking
statements based on assumptions and judgments of management
regarding future events or results. Such statements are subject to
a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in the
forward-looking statements. Such forward looking statements relate
to, but are not limited to: the Private Placement, the intentions
of the Company to renounce the Canadian Exploration Expenses, the
use of gross proceeds from the Private Placement, among others. The
Company disclaims any intention or obligation to revise or update
such statements.
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