13:45:06 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Advance Gold Corp (2)
Symbol AAX
Shares Issued 7,696,339
Close 2016-05-02 C$ 0.025
Market Cap C$ 192,408
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Advance Gold closes $49,000 private placement

2016-05-13 14:00 ET - News Release

Mr. Jim Gillis reports

ADVANCE GOLD CORP. CLOSES $49,000 PRIVATE PLACEMENT

Advance Gold Corp. has closed its $49,000 non-brokered private placement previously announced on April 20, 2016, having issued 980,000 common shares in the capital of the company at a price per share of five cents to a private company controlled by Jim Gillis, the president, chief executive officer and a director of Advance Gold, the sole subscriber to the offering. The shares issued under this offering are subject to a hold period until Sept. 14, 2016, in accordance with applicable securities legislation and the polices of the TSX Venture Exchange. The proceeds of the private placement will be used by the company for general corporate purposes.

Mr. Gillis's involvement in this offering resulted in related party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, protection of minority security holders in special transactions. Advance Gold relied on Section 5.5(c) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(b) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the securities distributed in the transaction did not, nor did the cash consideration received by Advance Gold for the securities, insofar as the transaction involved interested parties, exceed $2.5-million. As a result of the transaction, Mr. Gillis's voting interest (direct and indirect) in the company increased from approximately 9.7 per cent to approximately 19.9 per cent. As of the date of this release, Advance Gold has four independent directors in respect of the transaction, who are not employees of the company, all of whom approved the transaction. Neither Advance Gold nor, to the knowledge of Advance Gold after reasonable inquiry, Mr. Gillis has knowledge of any material information concerning Advance Gold or its securities that has not been generally disclosed.

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