15:40:59 EDT Sun 11 Apr 2021
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Augusta Gold Corp
Symbol G
Shares Issued 59,626,035
Close 2021-02-19 C$ 3.00
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Augusta Gold increases private placement to $17-million

2021-02-22 02:38 ET - News Release

Ms. Lynette Gould reports


Augusta Gold Corp. has increased the size of its previously announced private placement (see press release dated Feb. 10, 2021) to 7.56 million units at a price of $2.25 for total gross proceeds of $17.0-million.

Each unit is composed of one common share of the company and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire one common share for a period of three years at an exercise price of $2.80.

The net proceeds from the private placement will be used to advance exploration efforts at its highly prospective wholly owned Bullfrog gold project, located in Nevada, United States, and for general and working capital purposes.

The securities to be offered pursuant to the private placement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or compliance with the requirements of exemptions therefrom. Under Rule 144 under the Securities Act, such securities may be resold following a holding period of six months, subject to certain volume and manner of sale limitations in the event the holder is deemed an affiliate, and subject to otherwise meeting all applicable conditions of such rule. Hedging transactions involving the securities may not be conducted unless in compliance with the Securities Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The common shares and warrants issued under the private placement are also subject to a Canadian statutory hold period of four months and one day following the closing date.

About Augusta Gold Corp.

Augusta Gold is a rapidly growing exploration and development company, focused on building a long-term business that delivers stakeholder value through developing the Bullfrog gold project and pursing accretive merger-and-acquisition opportunities. The Bullfrog gold project is located in the prolific Bullfrog district approximately 120 miles northwest of Las Vegas, Nev., and four miles west of Beatty, Nev. The company controls approximately 7,800 acres of mineral rights, including the Bullfrog and Montgomery-Shoshone deposits, and has further identified significant additional mineralization around the existing pits and defined several exploration targets that could further enhance the project. The company is led by a management team and board of directors with a proven record of success in financing and developing mining assets and delivering shareholder value.

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