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.
We seek Safe Harbor.
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