ML Gold Corp. (TSX-V: MLG) (“ML Gold” or the “Company”) has provided an update to the terms of the financing it announced on May 10, 2018. The Company is now using its best efforts to raise an aggregate of up to $1,600,000. The total is an increase of $600,000 from that originally announced.
The flow-through offering will now be comprised of up to 5,000,000 flow-through units, at a price of $0.10 per flow-through unit, for gross proceeds of up to $500,000. Each flow-through unit will be comprised of one flow-through common share and one half of one non-transferable non-flow-through common share purchase warrant, each full warrant being exercisable for the purchase of one additional common share, at a price of $0.14 per share, for a period of 24 months.
The offering of non-flow-through units will now be comprised of up to 13,750,000 units, at a price of $0.08 per unit, for gross proceeds of up to $1,100,000. Each unit will be comprised of one common share and one non-transferable common share purchase warrant, each warrant being exercisable for the purchase of one additional common share, at a price of $0.12 per share, for a period of 24 months.
The proceeds from the sale of the flow-through units will be expended on the Company’s properties located in British Columbia. The proceeds from the sale of non-flow-through units will be used for working capital purposes and as additional working capital on the Company’s properties.
Certain directors and officers of the Company may participate in the private placement. Any such participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to or the consideration paid by such persons will not exceed 25% of the Company’s market capitalization. Finders’ fees may be payable in connection with the private placement.
The Company also reports the granting of 2,500,000 stock options (the “Options”) to certain consultants of the Company. The Options have a term of 5 years and are exercisable at a price of $0.10 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian company listed on the TSX Venture Exchange, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
ML GOLD CORP.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.