03:48:59 EDT Mon 24 Jun 2024
Enter Symbol
or Name

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Lode Gold Resources Inc
Symbol LOD
Shares Issued 278,334,579
Close 2024-03-05 C$ 0.03
Market Cap C$ 8,350,037
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Lode Gold closes $14.42M tranche, extends financing

2024-03-05 17:00 ET - News Release

Mr. Gary Nassif reports


Lode Gold Minerals Corp. closed on March 5, 2024, the first tranche of $1,422,902.50 (56,916,100 units) of its non-brokered private placement announced on Jan. 3, 2024. Each unit consists of one common share and one common share purchase warrant issued at a price of 2.5 cents per unit. Each common share purchase warrant will entitle the holder thereof to purchase an additional one common share of the company at five cents per share for a period of 24 months from the closing date.

Securities issued pursuant to this tranche are subject to trading restrictions until July 5, 2024.

Insiders of the company subscribed for an aggregate of 44,516,100 common shares of the company. The company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.

The company also announces that it has been granted an extension by the TSX Venture Exchange to complete its non-brokered financing on the terms set out in the news release of Jan. 3, 2024. The extended date for final acceptance of the offering is March 15, 2024.

The proceeds raised from the offering will go toward high-resolution magnetics and drill targeting the company's McIntyre Brook property (New Brunswick), data review and targeting to leverage a new RIRGS (reduced intrusion-related gold systems) exploration model at the Golden Culvert and Win projects (southern Tombstone gold belt, Yukon), and drill target generation testing a large, high-grade conceptual model at its Fremont gold project (Mother Lode gold belt, California).

About Lode Gold Minerals Corp.

Lode Gold is a Canadian exploration and development company with grassroots and advanced exploration properties in highly prospective and safe mining jurisdictions.

Its Golden Culvert and Win projects, Yukon, covering 99.5 square kilometres across a 27 km strike length, are situated in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone gold belt. Gold deposits and occurrences within the belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold's Valley target on its Rogue property in the Selwyn basin.

Its McIntyre Brook project, New Brunswick, covering 12 square km and a 17 km strike length in the emerging Triple Fault gold belt, is surrounded by Puma Exploration's Williams Brook project (5.55 grams per tonne gold over 50 metres) and is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway project.

Qualified person statement

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, director, BSc (honours) (economic geology -- UCT), FAusIMM, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.

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