18:15:24 EDT Wed 18 Sep 2019
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or Name
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Inca One Gold Corp (2)
Symbol C : IO
Shares Issued 72,284,401
Close 2017-08-15 C$ 0.09
Recent Sedar Documents

Inca One closes $905,500 final tranche of financing

2017-08-15 16:40 ET - News Release

Mr. Edward Kelly reports

INCA ONE GOLD CLOSES PRIVATE PLACEMENT

Inca One Gold Corp. has closed the third and final tranche of its previously announced (June 9, 2017) non-brokered private placement for gross proceeds of $905,500 by the issuance of 9,055,000 units at a subscription price of 10 cents per unit. Each unit comprises one common share of the company and one-half of one transferable common share purchase warrant. Each whole warrant will be exercisable to purchase an additional share of the company at an exercise price of 15 cents for a period of 18 months from the closing date. Together with the first-tranche closing previously announced on June 12, 2017, and second-tranche closing previously announced on July 7, 2017, the company has raised, in aggregate, gross proceeds of $2.2-million with the issuance of 22,023,000 units.

Insiders of the company have subscribed for 2.8 million units under the private placement. The issuance of units to insiders pursuant to the private placement will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any insider participation.

No finders' fees will be paid in connection with the private placement. The net proceeds from the private placement will be used for operating cost reductions, plant infrastructure upgrades and mineral purchases. All securities issued pursuant to the private placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

About Inca One Gold Corp.

The company's activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the sixth-largest producer of gold in the world, and the Peruvian government estimates the small-scale-mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued approximately $3-billion (U.S.) annually. The company purchases its minerals from government-registered small-scale mining producers from various regions and processes at its Chala One milling facility located in Chala, southern Peru.

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