Precipitate Gold (PRG-V) Receives $1,200,000 Through Warrant Exercise by Strategic Metals (SMD-V)
Nov 8, '16 - NR
Precipitate Gold is pleased to announce that on November 8, 2016, Strategic Metals exercised 10,000,000 share purchase warrants of Precipitate at an exercise price of $0.12 per share for total cash consideration of $1,200,000. These warrants formed part of a private placement of 10,000,000 units which Strategic purchased from Precipitate by way of a private placement on November 26, 2015 (see the Company's news release dated November 26, 2015).
Jeffrey Wilson, Precipitate's President and CEO stated, "We are very pleased that Strategic has elected to exercise its warrants and increase its shareholding in Precipitate Gold Corp. We view Strategic's increased shareholding as a validation of Precipitate's work to date in the Dominican Republic and the highly prospective nature its project. With the injection of an additional $1.2 million into Precipitate's treasury, the Company is soundly funded to continue its exploration efforts at Ginger Ridge and other emerging targets within the Juan de Herrera project. We thank Strategic for its ongoing support as we enter this very compelling stage in the Company's existence and commence our Phase 2 drill program at Ginger Ridge."
As a result of the exercise of these warrants, Strategic now holds a total of 24,597,327 common shares of Precipitate, representing 33.38% of the 73,692,575 common shares of Precipitate currently issued and outstanding.
The securities of Precipitate as disclosed herein are held by Strategic for investment purposes. Strategic may increase or decrease its ownership of securities of Precipitate in the future, depending upon market conditions. Precipitate is not aware of any persons acting jointly or in concert with Strategic in respect of its securityholdings in Precipitate, nor aware of any agreements entered into with respect to its securityholdings in Precipitate with any other person or persons.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Tireo Gold Trend of the Dominican Republic. The Company also maintains assets in northern British Columbia and southeast Yukon Territory and is actively evaluating additional high-impact property acquisitions with the potential to expand the Company's portfolio and increase shareholder value.
Additional information can be viewed at the Company's website www.precipitategold.com.
On Behalf of the Board of Directors of Precipitate Gold Corp.,
Jeffrey Wilson, President & CEO
Precipitate Gold Corp.
604-558-0335
Toll Free: 855-558-0335
investor@precipitategold.com |
