10:11:22 EST Sat 14 Dec 2019
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Tristar Gold Inc
Symbol TSG
Shares Issued 178,754,440
Close 2019-11-22 C$ 0.20
Recent Sedar Documents

Tristar Gold arranges $2-million financing

2019-11-25 08:34 ET - News Release

Mr. Nick Appleyard reports

TRISTAR GOLD WORKING WITH GOLDSPOT DISCOVERIES AT CDS AND ANNOUNCES BROKERED PRIVATE PLACEMENT

Tristar Gold Inc. has entered into a letter agreement with GoldSpot Discoveries Corp. to use its data-driven science, artificial intelligence and machine learning capabilities to advance Tristar's Castelo de Sonhos gold project. Under the work program, which will have two major components, GoldSpot will:

  1. Contribute information to Tristar's planned prefeasibility study;
  2. Delineate upside targets for exploration outside of the current resource base at Castelo de Sonhos.

Nick Appleyard, president and chief executive officer, stated: "We are very excited to start this program with GoldSpot. Their application of new technology should both accelerate and streamline our exploration programs. They will contribute significantly to the planned prefeasibility study, but it is the unlocking of the potential value in the mostly unexplored parts of the CDS plateau and surroundings that is the real core of the work."

In addition, Tristar has entered into an agreement with Canaccord Genuity Corp. regarding a brokered private placement offering of units of Tristar. Up to 10 million units will be offered on a commercially reasonable efforts basis pursuant to exemptions from prospectus requirements of applicable securities laws at a price of 20 cents per unit, for aggregate gross proceeds to the company of up to $2-million, subject to the agent's option to increase the size of the offering as set out below.

Each unit will comprise one common share of Tristar and one-half of a common share purchase warrant. Each full warrant shall entitle the holder thereof to acquire one additional common share at an exercise price per common share of 30 cents for a period of 24 months following the closing date of the offering.

Canaccord has also been granted an option to increase the size of the offering by up to an additional two million units, exercisable in whole or in part at any time up to 48 hours prior to the closing date, for additional aggregate gross proceeds to the company of up to $400,000. In the event the agent's option is exercised in full, the aggregate gross proceeds to the company will be up to $2.4-million.

The company intends to use the net proceeds from the offering to conduct exploration on the Castelo de Sonhos gold project, to conduct its work program with GoldSpot, and for general working corporate purposes.

Closing of the offering is expected to occur on or about the week of Dec. 12, 2019, and is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws, commencing on the closing date of the offering.

About Tristar Gold Inc.

Tristar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The company's current flagship property is Castelo de Sonhos in Para State, Brazil.

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