VANCOUVER, BC / ACCESSWIRE / March 11, 2021 / Gambier Gold Corp. (TSX-V:GGAU) (the "Company") is pleased to announce that it intends to complete a non-brokered private placement financing. Crescat Capital LLC ("Crescat") has agreed to make a strategic investment with the Company representing a 9.9 % ownership of the Company post-funding of the currently active non-brokered flow through and non-flow through financings. Crescat will have an option to participate in future financings to maintain their 9.9 % interest in the Company for a period of 3 years from the date of closing.
"Kirkland Lake Gold paid C$5 billion for the 15 million ounce deposit next door to Gambier's claims. There is no question this belt has gold. We are attracted by the structure in the geophysics on Gambier's property that continues from Detour Lake. We love that this camp has little exploration to date due to the glacial till. The opportunity to go fishing for a whale by funding a cutting-edge sonic drill program here is exciting", stated Kevin Smith, Crescat's founder and Chief Investment Officer.
The non-brokered private placement financing will consist of up to 5,333,334 units (the "Units") of the Company at a price of $0.15, for gross proceeds of up to $800,000.10. Each Unit will consist of one common share and one share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one additional common share, up to a total of 5,333,334 at an exercise price of $0.23 for a period of two (2) years from the date of closing. The net proceeds of the financing will be used for exploration work on the Detour West project in northeastern Ontario, as well as for exploration on its other mineral exploration properties and for general working capital.
"We are extremely pleased to welcome Crescat Capital as an early-stage, strategic shareholder in Gambier. Their investment represents a strong endorsement of the potential for discovery at Detour West and will accelerate our ability to conduct an aggressive exploration program on the ground starting this spring. Our near future exploration efforts will mark the first time that modern exploration consisting of geophysics, deep till sampling by sonic drilling and diamond drilling have taken place on the majority of the mineral tenure. We look forward to starting our first planned exploration program at Detour West and reporting the results", remarked Michael Schuss, President & CEO of Gamier Gold.
Shares issued pursuant to the Financing will be subject to a four-month hold period according to applicable securities laws of Canada. Finders' fees may be payable on the private placement, subject to the policies of the TSX Venture Exchange.
About Crescat Capital LLC
Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat's mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat's goal is industry leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Crescat's investment process involves a mix of asset classes and strategies to assist with each client's unique needs and objectives and includes Global Macro, Long/Short, Large Cap and Precious Metals funds.
Crescat is advised by its technical consultant Dr. Quinton Hennigh on investments in gold and silver resource companies. Dr. Hennigh became an economic geologist after obtaining his PhD in Geology/Geochemistry from the Colorado School of Mines. He has more than 30 years of exploration experience with major gold mining firms that include Homestake Mining, Newcrest Mining and Newmont Mining. Recently, Dr. Hennigh founded Novo Resources Corp (TSX-V: NVO) and currently serves as Chairman. Among his notable project involvements are First Mining Gold's Springpole gold deposit in Ontario, Kirkland Lake Gold's acquisition of the Fosterville gold mine in Australia, the Rattlesnake Hills gold deposit in Wyoming, and Lion One's Tuvatu gold project on Fiji, among many others.
About Gambier Gold Corp.
Gambier Gold Corp. is an experienced greenfield precious metals explorer and project generator. Based in Vancouver, British Columbia, Gambier has secured major under-explored land positions along trend of large known deposits in three world-class gold producing districts in Ontario and Quebec. The Detour West project is the company's main focus and sits within the Detour-Fenelon gold trend, along strike within 20 km of Kirkland Lake Gold's Detour Lake mine.
ON BEHALF OF THE BOARD
Michael E. Schuss
President & CEO
For further information, please contact:
Gambier Gold Corp.
Phone: (604) 241-2254
E-mail: [email protected]
Website: www.gambier.gold
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 accuracy of this release.
SOURCE: Gambier Gold Corp.