Mr. Tom Martin reports
ETHOS GOLD ANNOUNCES AMENDED TERMS AND INCREASES SIZE OF FLOW-THROUGH FINANCING TO RAISE $1.5 MILLION FOR DRILLING AT ITS LIGNERIS PROJECT, ABITIBI, QUEBEC
Ethos Gold Corp. has revised the terms and size of the non-brokered private placement announced Sept. 20, 2019. Ethos is now proceeding with a flow-through offering to raise gross proceeds of up to $1,512,000 by the issuance of up to 5.6 million units at a price of 27 cents per flow-through unit. Each flow-through unit will comprise one flow-through common share and one-half of one non-flow-through common share purchase warrant. Each warrant will be exercisable at a price of 30 cents into one common share for a period of two years from the date of issuance. The flow-through shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).
The gross proceeds of the flow-through offering will be used by the company to incur Canadian exploration expenses that will qualify as flow-through mining expenditures within the meaning of the Income Tax Act (Canada) related to the company's projects in Quebec on or prior to Dec. 31, 2020, for renunciation to subscribers of flow-through shares effective Dec. 31, 2019.
The flow-through offering is subject to the acceptance of the TSX Venture Exchange and securities issued in the flow-through offering will be subject to a four-month hold period. Finder's fees may be payable on all or a portion of the flow-through offering.
We seek Safe Harbor.
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