Each Unit consisted of one common share of the Company (each, a 'Unit Share') and one half of one common share purchase warrant (each whole warrant, a 'Warrant'). Each Warrant entitles the holder thereof to purchase one common share of the Company (each, a 'Warrant Share') at a price of
The net proceeds of the Offering will be used by the Company in respect of its funding obligations for the
Certain insiders subscribed for 2,976,434 Units. The issuances of Units to such insiders are considered related party transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(a)) of MI 61-101, respectively, in respect of such insider participation.
A total of 10,617,843 common shares and 4,065,332 Warrants were issued pursuant to the financing.
All securities issued are subject to a 4 month hold period expiring
The securities offered have not been registered under the
In connection with the financing, the Company paid a finder's fee of
About
Pasofino, through its wholly-owned subsidiary, owns a 49% economic interest (prior to the issuance of the Government of
Pasofino has an option to consolidate ownership in the
Contact:
CFO
T: 416 451 0049
E: lgreenidge@pasofinogold.com
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This news release contains 'forward-looking statements' that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterised by words such as 'plan', 'expect', 'project', 'seek', 'intend', 'believe', 'anticipate', 'estimate', 'suggest', 'indicate' and other similar words or statements that certain events or conditions 'may' or 'will' occur, and include, without limitation, statements regarding the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the ability to successfully complete the Offering, the ability to obtain all requisite regulatory approvals including the approval of the
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