Mr. Scott Berdahl reports
SNOWLINE IS PLEASED TO ANNOUNCE THAT ITS PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT IS OVER-SUBSCRIBED
Snowline Gold Corp.'s previously announced non-brokered private placement is oversubscribed. As a result, the company has increased the number of premium flow-through common shares of the company to be issued to a maximum of 8,783,783 premium FT shares at a price of 74 cents per premium FT share for gross proceeds of up to $6.5-million. The number of flow-through common shares of the company remains at a maximum of 757,575 FT shares at a price of 66 cents per FT share for gross proceeds of up to $500,000. Each FT share and premium FT share will be accompanied by one-half common share purchase warrant, with each warrant being exercisable for one common share of the company at an exercise price of 75 cents for a period of two years.
The gross proceeds from the issue and sale of the FT shares and the premium FT shares will be used to support the advancement of exploration on the company's Yukon mineral properties, which will qualify as Canadian exploration expenses and flow-through mining expenditures, as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT shares and the premium FT shares with an effective date of no later than Dec. 31, 2021.
It is expected that the closing of the offering will occur on or about Dec. 15, 2021, and is subject to the satisfaction of certain conditions, including the receipt of acceptance of the Canadian Securities Exchange. All securities issued in connection with the offering will be subject to a hold period of four months and one day from the closing date, in accordance with applicable Canadian securities laws.
About Snowline Gold Corp.
Snowline Gold is a Yukon-focused gold exploration company with a seven-project portfolio covering greater than 100,000 hectares. The company is exploring its flagship, 72,000-hectare Einarson and Rogue gold projects in the highly prospective, yet underexplored, Selwyn basin. Snowline's project portfolio sits within the prolific Tintina gold province, host to multiple million-ounce-plus gold mines and deposits, including: Kinross's Fort Knox mine; Newmont's Coffee deposit; and Victoria Gold's Eagle mine. Snowline's first-mover land position provides a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
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