CHEYENNE, Wyo.,
April 12,
2023 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold,"
the "Company," "we," "our" or "us") (NASDAQ: USAU), is pleased
to announce that it has closed the previously announced registered
direct offering with an institutional investor for the purchase and
sale of an aggregate of 870,000 shares of common shares of the
Company at $5.75 per share, and
accompanying warrants to purchase 870,000 shares of the
Company's common stock at an exercise price of $6.16 per share. The aggregate gross proceeds of
the offering totaled approximately $5.0
million and closed on April
10, 2023.
A.G.P./Alliance Global Partners acted as the sole placement
agent for the offering.
U.S. Gold intends to use the net proceeds from the offering for
working capital and other general corporate purposes and towards
development program activities at its CK Gold Project, which offers
a combination of copper and gold opportunities.
"This capital provides us with ample runway to further develop
our CK Gold project as we ramp up on our exploration and
developmental plans," said Luke Norman, Chairman of U.S.
Gold's Board of Directors. "In the coming months we will be
actively managing the permitting process, and taking steps to drive
toward commercial production. Additionally, we will continue
systematic exploration at the Keystone Project while looking to
pursue permit and development exploration plans for our Challis
Gold Project."
Concurrent with the offering, the Company also amended certain
existing warrants to purchase up to an aggregate of 625,000 shares
at an exercise price of $8.60 per
share and a termination date of September
18, 2027 so that the amended warrants have a reduced
exercise price of $6.16 per share and
a termination date of October 10,
2028.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S. focused gold
exploration and development company. U.S. Gold Corp. has a
portfolio of exploration properties. The CK Gold Project is located
in Southeast Wyoming and has a
Preliminary Feasibility Study technical report, which was completed
by Gustavson Associates, LLC. The Keystone exploration property is
on the Cortez Trend in Nevada. The
Challis Gold Project is located in Idaho. For more information about U.S. Gold
Corp., please https://www.usgoldcorp.gold/.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimated," and "intend," among others. These forward-looking
statements include statements related to our intended use of the
net proceeds from the registered direct offering, plans for 2023 at
the CK Gold Project, our exploration activities at the Keystone
Project and our plans for 2023 at the Challis Gold Project. There
are a number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, risks arising from:
market and other conditions, the prevailing market conditions for
metal prices and mining industry cost inputs, environmental and
regulatory risks, COVID-19 risks, changes in interpretations of
geological, geostatistical, metallurgical, mining or processing
information, risks faced by junior companies generally engaged in
exploration activities, whether U.S. Gold Corp. will be able to
raise sufficient capital to develop the CK Gold Project and
implement future drilling programs, the success or failure of
future drilling programs, and other factors described in the
Company's most recent Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q, and Current Reports on Form 8-K filed with the
Securities and Exchange Commission, which can be reviewed at
www.sec.gov. The Company has based these forward-looking statements
on its current expectations and assumptions about future events.
While management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory, and other risks, contingencies,
and uncertainties, most of which are difficult to predict and many
of which are beyond the Company's control. The Company undertakes
no duty to correct or update any information contained herein.
For additional information, please contact:
U.S. Gold Corp. Investor Relations
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE U.S. Gold Corp.