Opus One Gold Corporation Announces Closing of Private Placement
December 24 2024 - 5:22PM
Opus One Gold Corporation (OOR: TSXV)
(“
Opus One Gold” or the
“
Company”), is pleased to announce the closing of
a non-brokered private placement of flow-through shares
(“
FT Shares”) and units of the Company (the
“
Units”) for aggregate gross proceeds of
$1,495,750 (the “
Offering”).
In total, the Company issued 25,104,545 FT
Shares for gross proceeds of $1,380,750 at a price per FT Share of
$0.055 and 2,300,000 Units for gross proceeds of $115,000 at a
price per Unit of $0.05, with each Unit being comprised of one
common share of the Company (a “Share”) and one
common share purchase warrant (each a “Warrant”,
and together, the “Warrants”), with each Warrant
entitling the holder to acquire one common share (each a
“Warrant Share”) at an exercise price of $0.10 per
Share for a period of 36 months following the closing of the
Offering. The gross amount raised from the issuance of FT Shares
will be used by the Company for exploration on its mineral
exploration properties and the net proceeds raised from the
issuance of Units will be used for general working capital of the
Company and payment of fees related to the Offering.
The FT Share and Units were offered by way of
the “accredited investor” exemption under National Instrument
45-106 – Prospectus Exemptions in all the provinces of Canada. The
Units, FT Shares, Shares, Warrants and Warrant Shares are subject
to a four-month hold period in Canada following the closing of the
Offering.
In aggregate, the Company paid 8% in cash
finders fees and issued a total of 363,636 compensation warrants to
arm’s length finders, with each such compensation warrant being
exercisable for a period of 24 months following the closing at a
price of $0.055 per Share.
Closing is subject to the approval of the TSX
Venture Exchange and other customary closing conditions.
Related Party Transaction
Patrick Fernet, a director of the Company,
acquired 600,000 FT Shares for total consideration of $33,000.
Patrick Fernet is hereinafter referred to as the “Insider”.
The Insider is considered a “related party” and
“insider” of the Company for the purposes of applicable securities
laws and stock exchange rules. The subscription and issuance of FT
Shares by the Insider constitutes a related party transaction but
is exempt from the formal valuation and minority approval
requirements of Regulation 61-101 - Protection of Minority Security
Holders in Special Transactions as neither the fair market value of
the common shares issued to the Insider, nor the consideration paid
by such Insider, exceeds 25% of the Company’s market
capitalization. The Insider abstained from voting on all matters
relating to the Offering.
Clarification regarding previous private
placement
On August 12th and September 11th, 2024, the
Company announced the closing of a previous private placement of
units of the company. The Company wishes to clarify the intended
use of the net proceeds raised from said private placement, being
$361,000, as follows (noting that no amount was payable to investor
relations service providers, and less than 10% was payable to
non-arm’s length parties):
USE OF PROCEEDS |
$ |
Total |
|
361,000 |
|
|
Management (CEO &CFO) |
|
36,000 |
Professional fees |
|
75,000 |
Regulatory fees |
|
25,000 |
Office
and administration |
|
25,000 |
Working
capital |
|
200,000 |
|
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the release.
ABOUT OPUS ONE GOLD
CORPORATION
Opus One Gold Corporation is a mining
exploration company focused on discovering high quality gold and
base metals deposits within strategically located properties in
proven mining camps, close to existing mines in the Abitibi
Greenstone Belt, north-western Quebec and north-eastern Ontario -
one of the most prolific gold mining areas in the world. Opus One
holds assets in Val-d'Or and Matagami areas.
For more information, please contact:
Louis MorinChief Executive Officer &
Director Tel.: (514) 591-3988
Michael W. Kinley, CPA, CAPresident, Chief
Financial Officer & Director Tel: (902) 402-0388
info@OpusOneGold.com
Visit Opus One’s website:
www.OpusOneGold.com
Opus One Gold (TSXV:OOR)
Historical Stock Chart
From Nov 2024 to Dec 2024
Opus One Gold (TSXV:OOR)
Historical Stock Chart
From Dec 2023 to Dec 2024