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or Name

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Falcon Gold Corp (2)
Symbol FG
Shares Issued 53,700,184
Close 2019-07-24 C$ 0.035
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Falcon Gold closes $77,500 second tranche of financing

2019-07-25 12:03 ET - News Release

Mr. David Tafel reports


Falcon Gold Corp. has closed the second tranche of its private placement for $77,500 priced at 2.5 cents per common share unit. Each unit consists of one Falcon common share and one share purchase warrant. Each warrant has a term of 24 months commencing on the closing date and entitles the holder to purchase a share at a price of five cents per share during the term of the warrant. Gross proceeds raised from the placement totalled $467,000 and the company has issued 18.68 million shares.

Proceeds from the unit financing shall be used by the company as follows: Ontario gold and copper properties surface exploration and diamond drilling -- $282,425; Argentine gold-copper property exploration and concessions payment -- $50,325; rent -- $14,400; office overhead -- $7,500; administration -- $24,000; legal, audit and accounting -- $22,500; Ontario properties fees and payments -- $38,000; first nations consultations -- $7,000; offering expenses and investor communications -- $12,000; regulatory filing fees -- $8,850.

The company utilized various exemptions pursuant to this financing, including: the suitability advice exemption (B.C. Instrument 45-536) and the existing shareholder exemption (CSA notice 45-313) which allow for an investment of up to $15,000 (from a non-accredited investor) within any 12-month period. There is no material fact or material change that has not been generally disclosed. Toronto Stock Exchange approval has been received and all shares issued are subject to a four-month hold period expiring in November, 2019.

Two directors of the company participated in this financing on the same terms as other investors. This transaction is exempt from shareholder approval and valuation requirements in accordance with MI 61-101.

About Falcon Gold Corp.

Falcon is a Canadian, mineral exploration company focused on generating, acquiring and exploring opportunities in the Americas. Its Canadian projects include the central Canada gold and copper projects in Atikokan, Ont., and an interest in the Burton gold property located near Sudbury, Ont.

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