/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Sept. 15,
2022 /CNW/ - Gold Line Resources Ltd. (TSXV:
GLDL) (Frankfurt: 4UZ) (WKN:
A2QGWC) (OTCQB: TLLZF) ("Gold Line" or the "Company")
is pleased to announce that, further to its news release of
August 16, 2022, the Company has
closed its non-brokered private placement for gross proceeds of
$1,500,000 (the "Private
Placement").
In closing the Private Placement, the Company issued an
aggregate of 12,500,000 Units at a price of $0.12 per unit (the "Units") consisting of
12,500,000 common shares and 6,250,000 share purchase warrants
(each, a "Warrant").
In consideration for introducing subscribers to the Private
Placement, the Company paid finder's fees totalling $42,504 and issued a total of 354,200
Compensation Warrants (the "Compensation Warrants") to
certain arms-length finders.
All Warrants and Compensation Warrants are exercisable at a
price of $0.25 per share for one
common share in the capital of the Company for a period of two (2)
years from the date of issuance, expiring September 14, 2024.
All securities issued in connection with the Private Placement
are subject to a four month and one day statutory hold period
expiring on January 15, 2023.
Proceeds of the financing will be for general working capital and
exploration follow-up in Sweden.
Two insiders of the Company participated in the Private
Placement and acquired an aggregate of 750,000 Units. The purchases
by these insiders constitute "related party transactions" within
the meaning of Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). The issuances are exempt from the formal valuation
and minority shareholder approval requirements of MI 61-101 as they
are distributions of securities for cash and the fair market value
of the Units issued to, and the consideration paid by, the insiders
did not exceed 25% of the Company's market capitalization. No new
insiders were created, nor any change of control occurred, as a
result of the Private Placement.
ABOUT GOLD LINE RESOURCES LTD.
Gold Line Resources is
focused on acquiring mineral properties with exceptional
exploration potential in the most prolific gold-producing regions
of Sweden and Finland. Gold Line is working in two of the
world's top mining jurisdictions and emerging exploration frontiers
due to their strong mineral endowment, stable tenure,
straightforward permitting, favourable tax regime and supportive
geopolitical landscape.
Gold Line currently holds a prospective portfolio of gold
exploration projects in Sweden and
Finland. In Sweden projects are located in the Gold Line
Mineral Belt and Skellefteå Belt of north-central Sweden, and the Mjøsa-Vänern Belt in southwest
Sweden. In Finland Gold Line holds the entire
underexplored Oijärvi Greenstone Belt located in northern
Finland.
ON BEHALF OF THE BOARD OF DIRECTORS OF GOLD LINE
RESOURCES,
Adam Cegielski
CEO & Director
FOLLOW US:
Website: https://www.goldlineresources.com/
Facebook: https://www.facebook.com/Gold-Line-Resources
Twitter: https://twitter.com/GLDL_Resources
Instagram: https://www.instagram.com/gold_line_resources/
LinkedIn: https://www.linkedin.com/company/gold-line-resources-ltd
Neither the 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 Note Regarding Forward-Looking
Statements
This news release contains statements that constitute
"forward-looking statements." Such forward looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Gold Line's actual results, performance or
achievements, or developments to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur.
SOURCE Gold Line Resources Ltd.
