Highway 50 Gold (HWY-V) Completion of Exploration Funds
Sep 9, '19 - NR
Highway 50 Gold is pleased to announce that it has today closed its previously announced non-brokered private placement and raised gross proceeds to the Company of approximately $240,000 (the "FT Offering") by the issuance of 1,599,998 units (each a "FT Unit") at a purchase price of $0.15 per FT Unit. Each FT Unit consists of one common share of the Company issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one non-flow-through common share purchase warrant (each whole warrant, a "FT Warrant"). Each FT Warrant entitles the holder to purchase one non-flow-through common share of the Company at a purchase price of $0.20 per share until September 9, 2021. The proceeds of the FT Offering will be used to re-commence drilling on the Monroe property located in southwestern British Columbia. Drilling will include testing the extensions of the lead-zinc system intersected in 2016 to 2018 drilling. The target being tested is an offset of lead-zinc mineralization and extensive tourmalinite and albite alteration encountered in holes HWY-17-3 and HWY-18-8. The FT Offering is subject to the final acceptance of the TSX Venture Exchange (the "Exchange").
The Company is also pleased to announce that it has today closed its previously announced non-brokered private placement and raised gross proceeds to the Company of approximately $55,000 (the "Non-FT Offering") by the issuance of 366,666 units (each, a "Unit") of the Company at a purchase price of $0.15 per Unit. Each Unit consists of one non-flow-through common share of the Company and one non-flow-through common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one non-flow-through common share of the Company at a purchase price of $0.20 per share until September 9, 2021. The proceeds of the Non-FT Offering will be used for general working capital purposes. The Non-FT Offering is subject to the final acceptance of the Exchange.
All securities issued to purchasers under the FT Offering and the Non-FT Offering are subject to a four month hold period expiring on January 10, 2020 pursuant to applicable securities legislation. No finder's fees were paid in connection with the FT Offering or the Non-FT Offering.
On behalf of the Board,
"Gordon P. Leask"
Gordon P. Leask
President, Chief Executive Officer and Director
For additional information:
Gordon P. Leask, P.Eng. or John M. Leask, P.Eng.
Tel: 604.681.4462
Email: gord@highway50gold.com or jml@highway50gold.com
About Highway 50 Gold Corp.
Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and deal-makers. The Company is executing an exploration plan refined over 25 years of experience in Nevada and the Aldridge Formation of southeastern British Columbia. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada's crustal architecture and a new geological understanding on the Monroe property in British Columbia.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. |
