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GFG Resources Inc
Symbol GFG
Shares Issued 109,207,016
Close 2019-10-29 C$ 0.17
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GFG closes $117,280 final tranche of financing

2019-10-29 17:19 ET - News Release

Mr. Brian Skanderbeg reports

GFG CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

GFG Resources Inc. has closed the second and final tranche of the previously announced non-brokered private placement for gross proceeds of $117,280. The total gross proceeds raised in the offering was $3,183,353.

Pursuant to the closing of the second tranche of the offering, the company issued: (i) 610,000 units of the company at a price of 18 cents per unit for gross proceeds of $109,800, with each unit consisting of one common share of the company (which is not a flow-through (FT) share) and one-half of one share purchase warrant, with each whole share purchase warrant entitling the holder thereof to acquire one additional common share of the company (which shall not be a flow-through share) at an exercise price of 27 cents for a period of 24 months from the date of issuance; and (ii) 34,000 common shares of the company that qualify as flow-through shares for the purposes of the Income Tax Act (Canada) at a price of 22 cents per FT share for gross proceeds of $7,480.

The gross proceeds raised from the sale of the FT shares will be used for exploration activities in Ontario that will qualify as Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)). The net proceeds raised from the sale of the units will be used for exploration activities on the company's projects in Wyoming and Ontario, as well as for general working capital purposes.

The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All securities issued and issuable pursuant to the second tranche of the offering are subject to a hold period expiring March 1, 2020.

About GFG Resources Inc.

GFG Resources is a North American precious metals exploration company focused on district-scale gold projects in Tier 1 mining jurisdictions, Ontario and Wyoming. In Ontario, the company owns 100 per cent of the Pen and Dore gold projects, two large and highly prospective gold properties west of the prolific gold district of Timmins, Ont., Canada. The Pen and the Dore gold projects have the same geological setting that hosts most of the gold deposits found in the Timmins gold camp that have produced over 70 million ounces of gold.

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