Mr. Adrian Smith reports
ML GOLD UPDATES TERMS OF NON-BROKERED PRIVATE PLACEMENT OF FLOW-THROUGH AND NON-FLOW-THROUGH UNITS
ML Gold Corp. has provided an update to the terms of the financing it announced on May 10, 2018. The company is now using its best efforts to raise an aggregate of up to $1.6-million. The total is an increase of $600,000 from that originally announced.
The flow-through offering will now be composed of up to five million flow-through units, at a price of 10 cents per flow-through unit, for gross proceeds of up to $500,000. Each flow-through unit will be composed of one flow-through common share and one-half of one non-transferable non-flow-through common share purchase warrant, each full warrant being exercisable for the purchase of one additional common share, at a price of 14 cents per share, for a period of 24 months.
The offering of non-flow-through units will now be composed of up to 13.75 million units, at a price of eight cents per unit, for gross proceeds of up to $1.1-million. Each unit will be composed of one common share and one non-transferable common share purchase warrant, each warrant being exercisable for the purchase of one additional common share, at a price of 12 cents per share, for a period of 24 months.
The proceeds from the sale of the flow-through units will be expended on the company's properties located in British Columbia. The proceeds from the sale of non-flow-through units will be used for working capital purposes and as additional working capital on the company's properties.
Certain directors and officers of the company may participate in the private placement. Any such participation would be considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to, nor the consideration paid by such persons, will not exceed 25 per cent of the company's market capitalization. Finders' fees may be payable in connection with the private placement.
The company also reports the granting of 2.5 million stock options to certain consultants of the company. The options have a term of five years and are exercisable at a price of 10 cents per common share. The options are subject to the acceptance of the TSX Venture Exchange.
About ML Gold Corp.
ML Gold is a Canadian company listed on the TSX Venture Exchange, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
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