HALIFAX, Aug. 24, 2018 /CNW/ - Antler Gold Inc. (TSXV:
ANTL) has announced it has closed financings previously announced
on June 21, 2018 and August 14, 2018 subject to final acceptance of
the TSX Venture Exchange. Antler has raised gross proceeds of
$678,232 through the issuance of
573,079 Units at a price of $0.66 per
Unit and 2,000,000 additional common shares at a price of
$0.15 per common share. Each Unit
consists of three flow-through common shares priced at $0.17 per flow-through shares and one additional
common share priced at $0.15. The total number of common shares
issued to purchasers was 4,292,316, of which 1,719,237 were issued
as flow-through shares.
Numus Capital Corp., a company controlled by insider of Antler,
acted as the agent for the financing. Insiders of Antler subscribed
for a total of 250,758 Units. As compensation for its services,
Numus received a cash commission of $41,018.57 which amount is equal to 8.0% of the
gross proceeds of the financing, other than proceeds from the sale
of any Units sold to insiders. In addition, as further
compensation, Antler has issued compensation warrants entitling
Numus to purchase 263,143 common shares for a period of two years
from the closing of the financing at a price of $0.15 per share. The number of compensation
warrants is equal to 8% of the number of shares sold under the
financing other than to insiders.
Antler intends to use the net proceeds of both financings to
continue exploration on its Wilding Lake and other gold projects in
Central Newfoundland for the 2018
field season and for general corporate and working capital
purposes. The proceeds of the flow-through shares are to qualify
for the Canadian Exploration Expense and will be renounced to
subscribers of such shares no later than December 31, 2018.
All securities issued pursuant to the financing, as well as the
compensation warrants and any shares issued upon exercise of those
warrants, will be subject to a four-month statutory hold period
from the date of issue which expires on December 25, 2018. The transactions in so far as
they involve related parties are not material, representing less
than 3% of the outstanding shares post-closing. Accordingly, the
transactions are exempt from the valuation and minority approval
requirements of applicable securities rules in Multilateral
Instrument 61-101 and TSXV policies because the value, in so far as
it involves related parties, does not exceed 25% of Antler's market
capitalization.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statements
This press release may contain forward-looking information,
including statements regarding the timing, amount and use of
proceeds of Antler's planned private placement. This information is
based on current expectations and assumptions (including
assumptions relating to regulatory approval, general economic and
market conditions) that are subject to significant risks and
uncertainties that are difficult to predict, including risks
relating to the ability to meet regulatory conditions and actual
exploration results. Actual results may differ materially from
results suggested in any forward-looking information. Antler does
not assume any obligation to update forward-looking information in
this release, or to update the reasons why actual results could
differ from those reflected in the forward-looking information
unless and until required by securities laws applicable to Antler.
Additional information identifying risks and uncertainties is
contained in the filings made by Antler with Canadian securities
regulators, which filings are available at www.sedar.com.
SOURCE Antler Gold Inc.
