Solstice Announces Closing Of Upsized Private Placement Financing Including $1.6 Million From Management And Directors
Solstice Announces Closing Of Upsized Private Placement Financing Including $1.6 Million From Management And Directors
08/31/22, 10:06 AM
Location
vancouverSolstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to report the closing of its previously announced private placement financing (the “Offering”) on Tuesday, August 30, 2022 (the “Closing Date”), for gross proceeds of approximately $2.7 million through the issuance of: (i) 12,766,667 units (each, a “HD Unit”) at a price of $0.12 per HD Unit, each comprised of one common share of the Company (each, a “Common Share”) and one warrant (each, a “Warrant”) exercisable for one Common Share at $0.17 for 18 months from the Closing Date; and (ii) 8,707,216 units (each, a “NFT Unit”) at a price of $0.135 per NFT Unit, each comprised of one Common Share qualifying as a flow-through share (each, a “FT Share”) for purposes of the Income Tax Act (Canada) (the “ITA”) and a half Warrant on the same terms as the Warrants in the HD Units, representing an upsize from its previously announced $1.1 million anticipated gross proceeds of the Offering. The Company also announced today that Kevin Reid will step down as a director of the Company effective September 30, 2022, due to personal time constraints and will remain the largest shareholder of the Company. Pursuant to the Offering, Mr
Company Info
Location
vancouver, british columbia, canada
Additional Info
Solstice is a gold exploration company focused on advancing our high-quality projects in two of the top mining jurisdictions in Canada.
Our district scale and fully permitted Qaiqtuq Gold Project covers 886 km2 and is located only 26 km from Rankin Inlet, Nunavut and approximately 15 km from the Meliadine Mine owned by Agnico Eagle Mines Limited. Qaiqtuq has seen over $12MM dollars invested to date on significant field work, the identification of a 10 km2 gold boulder field and the identification of multiple drill-ready targets.
Our 55 km2 Red Lake Extension (RLX) project is located at the north end of the prolific Red Lake Gold District in Ontario. Exploration work in 2021 has focused on completing geochemistry and conducting airborne geophysical surveys to supplement existing geological and soil survey data and to support the generation of drill targets for the next phase of the project.
In October 2021, the Company acquired a royalty and property portfolio of assets throughout Ontario and Quebec which will generate significant value for shareholders. The package includes cash inflows from 43 exploration partnerships with underlying royalties, 10 royalties and 29 prospective properties available for option and additional royalty generation.
Solstice is committed to active engagement with our local communities, recognizing the importance of cultural value, respect, sustainable development, and environmental stewardship.