Mr. Bryan Slusarchuk reports
FOSTERVILLE SOUTH ANNOUNCES $7.5 MILLION OVERNIGHT MARKETED PRIVATE PLACEMENT LED BY CLARUS SECURITIES
Fosterville South Exploration Ltd. has appointed Clarus Securities Inc. as lead agent, on behalf of a syndicate of agents, to sell, by way of a private placement, on a commercially reasonable best efforts basis, up to 1,875,000 units of Fosterville South at a price per unit of $4 for aggregate gross proceeds of up to $7.5-million. Each unit will consist of: (i) one common share; and (ii) one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase a common share at an exercise price of $4.95 for a period of 24 months following the closing of the offering.
Participants in this financing will be eligible to receive one common share of Leviathan Gold Ltd. for every share held of Fosterville South, provided that they continue to hold such Fosterville South share(s) on the effective date of the spinout transaction (see news releases dated June 23, 2020, and June 29, 2020).
Fosterville South intends to use the net proceeds of the offering for exploration and general working capital purposes.
Closing of the offering is expected on or about July 21, 2020, and is subject to regulatory approval, including that of the TSX Venture Exchange.
We seek Safe Harbor.
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