VANCOUVER, BC / ACCESSWIRE / April 20, 2021 / Gambier Gold Corp. (TSX-V:GGAU) (the "Company") is pleased to announce that it has closed its private placement of 5,333,334 units at a price of $0.15 per unit (the "Private Placement"), originally announced on March 11, 2021, for gross proceeds of $800,000.10. Each unit consists of one common share and one share purchase warrant. Each share purchase warrant is exercisable for a period of 2 years into a common share at $0.23.
"With our recent financings now closed, the Company is in a strong position to continue our recently started, inaugural exploration program at the Detour West project in Northern Ontario. In addition, we are pleased to expand our shareholder base and welcome a major investment from Crescat Capital, who now holds 11.76% ownership of Gambier Gold and will be a supportive and strategic partner going forward," stated Michael Schuss, CEO.
"Gambier has a strong greenfields exploration approach in a very large emerging gold district in the Canadian Shield," commented Quinton Hennigh, technical advisor to Crescat. "This is precisely the story in which we like to invest, ones that can create huge value out of early stage work. We are delighted to see Gambier expeditiously apply these funds toward the plan they presented and will be eager to see what discoveries they yield."
The Private Placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101 as there are certain insiders participating. Because the Company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(a) and 5.7(b) of MI 61-101.
The securities issued under the private placement are subject to a statutory hold period expiring on August 16, 2021.
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.
Forward-Looking Statement (Safe Harbor Statement): This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the Company's exploration plans. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
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.