VANCOUVER, British Columbia, May 11, 2021 .
Janet Lee-Sheriff, Executive Chair of C2C stated “We are honoured to have Mr. Sprott’s support as we move our projects forward in the Central Newfoundland Gold Belt.
Subsequent to the closing of the Offering, Mr. Sprott beneficially owns or controls 11,000,000 Common Shares of the Company and 5,500,000 Warrants, representing approximately 14.3% of the issued and outstanding Common Shares of the Company on a non-diluted basis and approximately 19.9% of the issued and outstanding Common Shares of the Company on a partially diluted basis assuming exercise of the warrants acquired hereunder and forming part of the Units.
The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5 of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25 per cent of the Company’s market capitalization.
In connection with the Offering, the Company paid finders fees of $122,720 and 288,000 broker warrants, each exercisable into one Common Share at a price of $0.16 per share for a period of two years from the issuance date.
The securities offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S.
C2C Gold – Newfoundland PropertiesC2C Gold’s project areas cover more than 1,150 km² along and between the Red Indian Line and the Valentine Lake shear zone in the Central Gold Belt of Newfoundland.
Companies working on active gold projects within this belt and the broader Exploits Subzone have noted the similarity in geological setting and character with both the Abitibi greenstone belts in Ontario and Quebec, Canada and the Bendigo-Fosterville gold deposits in Australia.
and those contributing to the growing resource at Marathon Gold Corp’s Valentine Deposit have raised the status of the area to that of a premier gold exploration jurisdiction.
The Company holds the Badger, Millertown, and Barrens Lake projects, which cumulatively cover an area of more than 1,150 km² with road access and proximity to communities and power lines.