Mr. David Tafel reports
FALCON CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT
Falcon Gold Corp. has closed the second tranche of its previously announced non-brokered private placement, for 4,618,889 units (2.32 million priced at five cents per unit and 2,298,889 priced at nine cents per unit), for total gross proceeds of $322,900. Each unit consists of one common share and one two-year warrant. Each warrant of a five-cent unit will be exercisable for one common share at 10 cents during the first year and 12 cents during the second year. Each warrant of a nine-cent unit will be exercisable for one common share at 13 cents for two years. The units are subject to a four-month hold period expiring on Dec. 19, 2014. Finders' fees have been paid consisting of: $19,732 and 20,000 agents' options exercisable for common share units on the same basis as the subscribers.
The second tranche of the financing was oversubscribed by $206,900, resulting in the company raising total gross proceeds of $706,900 from the private placement. Proceeds from this financing are being used to complete the company's due diligence, as well as to plan and commence an initial exploration program on the New York Canyon copper project in Nevada (news release -- June 9, 2014), to continue exploration activities on its Washington silver project, and for general corporate purposes.
Options grant
Falcon announces that in compliance with the company's stock option plan, the board of directors has granted options for 1.6 million shares exercisable for five years at 15 cents to certain directors, officers and consultants of the company.
We seek Safe Harbor.
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