Stallion Gold Announces Closing of $2 Million Financing
Vancouver, British Columbia – July 15, 2021 – Stallion Gold Corp. (TSX-V: STUD) (Frankfurt: HM4) (“Stallion” or the “Company”) is pleased to announce that it has closed a non-brokered private placement offering for total gross proceeds of $2,001,000 (the “Private Placement”).
The Company has allotted and issued 5,002,500 units (the “Units”) at a price of $0.40 per Unit. Each unit consists of one common share of the Company and one-half of one transferable share purchase warrant, each whole warrant entitling the holder to acquire one additional common share at an exercise price of $0.50 for a period of 12 months from the closing date, subject to accelerated expiry.
In the event that the weighted average daily trading price of the Company's common shares is at or greater than $0.80 per share for a period of 10 consecutive trading days, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the Company.
In relation to the Private Placement, the Company has paid finder’s fees of $57,200 and issued 143,000 finder’s warrants to arm’s-length parties, entitling the holder to acquire one share at a price of $0.50 per share for a period of 12 months.
The Company will use the proceeds from the Private Placement towards exploration on its Horse Heaven Project and general working capital. All securities issued pursuant to the Private Placement will be subject to a hold period expiring November 15, 2021.
On Behalf of the Board
Chief Executive Officer
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 this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.