07:52:42 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Gatling Exploration Inc
Symbol GTR
Shares Issued 45,670,840
Close 2020-07-21 C$ 0.335
Market Cap C$ 15,299,731
Recent Sedar Documents

Gatling Exploration closes $3.79-million in financings

2020-07-21 10:37 ET - News Release

Mr. Nav Dhaliwal reports

GATLING EXPLORATION CLOSES FINANCINGS TOTALING $3.79M

Gatling Exploration Inc. has closed a non-flow-through financing of 10.3 million common shares at 25 cents per share for total gross proceeds of $2,575,000 and a flow-through financing of 4.05 million flow-through common shares at 30 cents per flow-through share for total gross proceeds of $1,215,000.

The proceeds from the issuance of the non-flow-through shares will be used for exploration expenditures and for general working capital. The gross proceeds from the issuance of the flow-through shares will be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada).

Two insiders of the company participated in the financings. Participation of insiders of the company in the financings constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions. The company has relied on the exemption from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and the exemption from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.

All securities issued under the placements will be subject to a four-month-and-one-day hold period from the date of issue in accordance with applicable securities laws.

About Gatling Exploration Inc.

Gatling Exploration is a Canadian gold exploration company focused on advancing the Larder gold project, located in the prolific Abitibi greenstone belt in Northern Ontario. The Larder property hosts three high-grade gold deposits along the Cadillac-Larder Lake break, 35 kilometres east of Kirkland Lake. The project is 100 per cent controlled by Gatling and comprises patented and unpatented claims, leases, and mining licences of occupation within the McVittie and McGarry townships.

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