Mr. Wayne Reid reports
GTA ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
GTA Resources and Mining Inc. has closed on the first tranche of its non-brokered private placement financing previously announced on April 11, 2016, and April 26, 2016.
The first tranche consisted of 1.84 million flow-through share units for gross proceeds of $92,000, at a price of five cents per flow-through unit, with each flow-through unit consisting of one flow-through share and one common share purchase warrant. Each warrant will be exercisable for one common share at a price of six cents for a period of 12 months from the date of closing of the financing. In addition, the first tranche consisted of 1.2 million units for gross proceeds of $60,000, at a price of five cents per unit with each unit consisting of one common share and one common share purchase warrant. Each warrant will be exercisable for one common share at a price of five cents for a period of 12 months from the date of closing.
GTA will pay compensation, including a cash fee of 3 per cent, on $50,000 of the gross amount raised.
GTA will use the net proceeds of the flow-through amount to finance exploration activities on the Northshore gold project, owned 51 per cent by GTA. GTA has completed five phases of exploration at Northshore and in this phase among other goals hopes to test the northern area near the former producing Northshore gold mine.
The net proceeds of the hard-dollar amount will be used for working capital purposes.
Following this transaction, there are 36,346,855 GTA common shares issued and outstanding.
We seek Safe Harbor.
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