Gross proceeds from the Offering are now expected to total $11,110,420, an increase of $2,224,420 from the previously announced $8,886,000.
The additional funding will also allow the technical team flexibility to upsize exploration programs at KSP in the Golden Triangle, where we expect to produce a National Instrument 43-101 maiden resource for the Inel gold showing, and at the Sofia property in the Toodoggone District where we plan to drill high-grade gold-silver veins and porphyry copper-gold targets.
Newmont will subscribe for 759,123 common shares to be issued on a non flow-through basis under the Offering at a price of $0.60 per common share .
Skeena will subscribe for 469,910 NFT Shares as well as purchase an additional 5,077,232 common shares issued as FT Shares in the Offering.
All securities issued in the Offering will be subject to a statutory hold period of four months and a day from the closing date of the Offering.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S.
The property portfolio includes the Company’s flagship Castle property, a porphyry copper-gold project located in the Red Chris mining district of the Golden Triangle neighbouring GT Gold’s Tatogga property, and Newcrest Mining’s GJ property.
Important factors that may cause actual results to vary include without limitation, risks relating to the finalization of the terms of the Offering; risks associated with any delays or difficulties encountered in respect of the Offering; the timing and receipt of certain approvals, including approval from the TSX-V; risks and uncertainties related to the Offering not being completed in the event that the conditions precedent thereto are not satisfied; delays in the receipt of requisite approvals and changes in general economic conditions or conditions in the financial markets.