/NOT FOR DISTRIBUTION TO
In closing the Private Placement, the Company issued an aggregate of 12,500,000 Units at a price of
In consideration for introducing subscribers to the Private Placement, the Company paid finder's fees totalling
All Warrants and Compensation Warrants are exercisable at a price of
All securities issued in connection with the Private Placement are subject to a four month and one day statutory hold period expiring on
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 currently holds a prospective portfolio of gold exploration projects in
ON BEHALF OF THE BOARD OF DIRECTORS OF GOLD LINE RESOURCES,
CEO & Director
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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
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