New Carolin Gold Corp. Completes Oversubscribed Unit Offering and Begins Mobilizing Drill Crew
August 27 2019 - 6:32PM
New Carolin Gold Corp. (the “Company” or “New Carolin”) (TSXV: LAD
/ OTCBB: LADFF) reports that it has closed its non-brokered private
placement of units previously announced on July 19, 2019 (as
updated by a news release dated August 8, 2019). The placement was
oversubscribed and, on closing, the Company issued 15,233,889 Units
at $0.09 per Unit for gross proceeds of $1,371,050. Each Unit is
comprised of one common share and one share purchase warrant
(“Warrant”), with each Warrant entitling the holder to purchase one
additional common share at a price of $0.15 per share for a period
of thirty-six (36) months from closing. Proceeds of the Unit
offering will be used to continue drilling the Company's Ladner
Gold Project in southwestern British Columbia and general working
capital.
In connection with the private placement, the
Company paid finder’s fees in respect of subscribers introduced to
the Company, which consisted of cash payments in the aggregate
amount of $44,077.50 and the issuance of 449,750 broker warrants
(“Broker Warrants), with each Broker Warrant entitling the holder
to purchase one additional common share at a price of $0.15 per
share. 414,750 Broker Warrants are exercisable until the date that
is thirty-six (36) months following the closing date. 15,000 Broker
Warrants are exercisable until the date that is twenty-four (24)
months following the closing date. 20,000 Broker Warrants are
exercisable until the date that is twelve (12) months following the
closing date.
All securities issued under the private
placement are subject to a four month and one-day restricted resale
period expiring on December 28, 2019 in accordance with the
policies of the TSX Venture Exchange and applicable securities
laws.
With the closing of the placement, the Company
has started mobilizing a drilling crew to man a diamond drill
presently located in the underground of the Carolin Mine, which is
in the heart of the Company’s Ladner Creek Gold Project. The
plan is to begin drilling to test previously announced targets
intended to add to the current gold resource.
Additionally, personnel will also be mobilized
to carry out the preliminary groundwork necessary to identify and
develop additional targets on the surface of the Project with a
view to beginning testing areas near and beneath the other historic
mines and known gold occurrences on the Company’s Ladner Creek
Project.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior
company focused on the exploration, evaluation and development of
our 100% owned property consisting of 144 square kilometers of
contiguous mineral claims and crown grants, collectively known as
the “Ladner Gold Project” (Project). The Project is located near
Hope, BC in the prospective and under- explored Coquihalla Gold
Belt, which is host to several historic small gold producers
including the Carolin Mine, Emancipation Mine and Pipestem Mine,
and numerous gold prospects.
For additional information, please visit the
Company’s website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth R. Holmes"
President
Phone:
(778) 379-1275Toll
Free: 1(855)
891-9185E-mail: info@newcarolingold.com Web site:
www.newcarolingold.com
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or the accuracy of this press release.
Caution concerning forward-looking
information
This news release may contain forward-looking
statements that are based on the Company’s expectations, estimates
and projections regarding its business and the economic environment
in which it operates. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to control or predict. Therefore, actual outcomes and results may
differ materially from those expressed in these forward-looking
statements and readers should not place undue reliance on such
statements. Statements speak only as of the date on which they are
made and the Company undertakes no obligation to update them
publicly to reflect new information or the occurrence of future
events or circumstances, unless otherwise required to do so by
law.
New Carolin Gold (TSXV:LAD)
Historical Stock Chart
From Nov 2024 to Dec 2024
New Carolin Gold (TSXV:LAD)
Historical Stock Chart
From Dec 2023 to Dec 2024