09:36:43 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



First Americas Gold Corp
Symbol FAC
Shares Issued 8,245,400
Close 2015-05-22 C$ 0.02
Market Cap C$ 164,908
Recent Sedar Documents

First Americas cancels placement, to roll back 1 for 3

2015-05-22 21:55 ET - News Release

Mr. Anthony Jackson reports

FIRST AMERICAS ANNOUNCES TERMINATION OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT, PROPOSED SHARE CONSOLIDATION, SHARES FOR DEBT AND NEW PRIVATE PLACEMENT

Further to the news release of May 13, 2015, First Americas Gold Corp. will not proceed with the non-brokered private placement of convertible debentures in the principal amount of up to $30,000.

The company announces that it intends to proceed with a consolidation of its common shares on the basis of one postconsolidation share for three preconsolidation shares. Currently, a total of 8,245,400 shares are issued and outstanding. Accordingly, if the consolidation is put into effect, a total of 2,748,467 shares would be issued and outstanding, assuming there are no other changes in the issued capital of the company. There is currently no maximum number of authorized shares.

The consolidation is being proposed to provide the company with increased flexibility to seek additional financing opportunities and is subject to approval of the TSX Venture Exchange.

There is no name change in conjunction with the consolidation.

The company also announces that, subject to regulatory approval, it will be conducting a non-brokered private placement of postconsolidation shares in the aggregate principal amount of up to $70,000 at a price of five cents per postconsolidation share. The proceeds of the financing will be used for general working capital. Finders' fees may be payable in connection with the financing in accordance with the policies of the TSX-V.

The company further announces that, subject to regulatory approval, it has entered into agreements with certain of its creditors pursuant to which it has agreed to settle debt in the aggregate amount of $231,500 in exchange for the issuance of an aggregate of 4.63 million postconsolidation shares.

© 2024 Canjex Publishing Ltd. All rights reserved.