Mr. Robert Thast reports
NEW CAROLIN COMPLETES PRIVATE PLACEMENT
New Carolin Gold Corp., further to its news release of April 18, 2016, has completed its two concurrent non-brokered private placements of units totalling 14.69 million units in the capital of the company for gross proceeds of $1,028,300.
The first (unit A) placement consists of 3.75 million units at a price of seven cents per unit A for proceeds of $262,500. Each unit A consists of one common share and one common share purchase warrant, entitling the holder to purchase one additional common share at a price of nine cents per share for a period of two years from closing.
The second (unit B) placement consists of 10.94 million units at a price of seven cents per unit B for proceeds of $765,800. Each unit B consists of one common share and one two-year common share purchase warrant, entitling the holder to purchase one additional common share at a price of 10 cents per share in the first year and 12.5 cents per share in the second year.
The company paid aggregate finders' fees of $30,504 to qualified finders on a portion of the placement. A director of the company participated in the unit B offering, purchasing 100,000 B units.
All securities issued under this private placement will be subject to a four-month-plus-one-day hold period from their date of issuance. The proceeds from the offering will be used for exploration on the company's Ladner gold project, and for general working capital and corporate purposes.
We seek Safe Harbor.
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