Ashley GOLD Closes Oversubscribed Private Placement and Commences Utah Uranium-Vanadium Site Visit; Announces Options
Suite 1150, 707 7th Avenue SW Calgary, Alberta T2P 3H6
+1 587 777 9072| ashleygoldcorp.com
FOR IMMEDIATE RELEASE
CALGARY, ALBERTA
March 22, 2024
ASHLEY GOLD CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT
AND COMMENCES UTAH URANIUM-VANADIUM SITE VISIT; ANNOUNCES OPTIONS
Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “ Company”) announces the Company has closed its previously
announced non-brokered private placement (the “ Offering”) of units (“Units”) on an oversubscribed basis, for gross proceeds
of $182,875 (CDN).
The Offering consisted of the issuance of an aggregate of 3,657,500 Units, at a price of $0.05 per Unit and were comprised of
one common share and one-half of one common share purchase warrant (“ Warrant”). Each full Warrant is exercisable into
common shares at a price of $0.07 for a term of 24 months from the closing of the Offering, subject to accelerated expiry
provisions described in the notes below. All securities issued under the Offering are subject to a statutory four month hold
period.
After giving effect to the Offering the Company has 34,905,248 common shares outstanding.
Darcy Christian, CEO of Ashley comments “ We are happy to get this financing closed as it will ensure continued exploration
on our Howie, Tabor-Sakoose, and Burnthut Properties this spring. In particular, an IP survey at Howie will be very useful
for drill targeting in a future drill program.”
Utah Site Visit to the Uranium-Vanadium Sahara Property
On March 20, 2024, Darcy Christian and George Stephenson will conduct a site visit of the Sahara Property as part of due
diligence. The visit will include reviewing several boxes of historical data and maps which will be digitized as well as a review
of the existing core. Day’s 2 and 3 will be spent traveling to reviewing the Sahara Property with focus on historical workings,
outcrop verification and evaluating the two declines for reopening.
“I am excited to see the Sahara Property first-hand.” Darcy Christian comments. “So far, all the data reviewed has met or
exceeded expectations on the potential size and scope of the Property. We will document the trip for our shareholders as best
we can in order to capture the potential for everyone to see”
About the Sahara Property
The Sahara Property is located 12 miles southwest of Green River, Utah and consists of over 400 claims totalling over 10,000
acres. The region has produced 4,000,000 lbs of Uranium and 5,000,000 lbs of Vanadium with some historical production
occuring on the Property until 1980. The Project is located one mile off of the I-80 and is accessed by all weather gravel roads.
Water wells are located on the property and power is located less than a mile away to the northeast. In addition, a nearby
telecommunicaions tower and fibre optics at the property provide internet and phone access.
The Sahara Property has over 900 historical drill holes over the Sahara, Jessies Twist and Acheson discoveries. Mineralization
occurs in the Salt Wash Member of the Morrison Formation within fluvial sandstones. Additional targets have been identified
with surficial gamma-ray spectrometry readings across the property. In additon, bulk tonnage targets have been identified for
drilling as well as the hydrodynamic conditions for roll-front bluesky potential.
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Suite 1150, 707 7th Avenue SW Calgary, Alberta T2P 3H6
+1 587 777 9072 | ashleygoldcorp.com
Figure 1 - Ariel image of the Sahara Uranium-Vanadium Property with respect to Green River, Utah
FINANCING TERMS AND USE OF PROCEEDS
The gross proceeds form the sale of the Units will go toward to advancing the Howie, Tabor-Sakoose, and Burnthut Properties
and for general working capital purposes.
The Company paid a total of $14,750 in finder fees associated with the Offering and issued 295,000 finder warrants at an
exercise price of $0.05 expiring 24 months from the closing date of the Offering.
If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the Closing Date of the
Offering, the closing sales price of the common shares (or the closing bid, if no sales were reported on a trading day) as quoted
on the Canadian Securities Exchange is greater than CDN$0.09 per common share, the Company may provide notice in writing
to the holders of the warrants by issuance of a press release that the expiry date of the warrants will be accelerated to the 30th
day after the date on which the Company issues such press release.
The Offering is subject to all necessary regulatory approvals including acceptance from the Canadian Securities Exchange. All
securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under
applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of
jurisdictions outside Canada.
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Suite 1150, 707 7th Avenue SW Calgary, Alberta T2P 3H6
+1 587 777 9072 | ashleygoldcorp.com
The Existing Shareholder Exemption and Investment Dealer Exemption
The Offering was also made available to existing shareholders of the Company who, as of the close of business on February
20, 2024, held common shares of the Company (and who continue to hold such common shares as of the closing date), pursuant
to the prospectus exemption set out in B.C. Instrument 45-534 -- Exemption From Prospectus Requirement for Certain Trades
to Existing Security Holders and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption
limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice
regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been
obtained from a person that is registered as an investment dealer in the jurisdiction.
The Company has also made the Offering available to certain subscribers pursuant to B.C. Instrument 45-536 - Exemption
Form Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements
of the investment dealer exemption, the Company confirms that there is no material fact or material change about the Company
that has not been generally disclosed.
Issuing of Options
The Company is also pleased to announce it has approved the grant of 1,000,000 incentive stock options to officers, directors,
and consultants of the Company, at an exercise price of $0.10, and which expire on March 21, 2029.
ABOUT ASHLEY GOLD CORP.
Ashley Gold is focused on creating substantive, long-term value for its shareholders through the discovery and development of
world class gold deposits. Ashley has acquired, 100% of the Tabor Lake Lease subject to a 1.5% royalty, 100% of the Santa
Maria Project subject to a 1.75% royalty, 100% interest in the Howie Lake Project subject to a 0.5% royalty, 100% interest in
the Alto-Gardnar Project subject to a 0.5% royalty, 100% interest in the Burnthut Property subject to a 1.5% NSR, and an
option to earn 100% of the Sakoose claims subject to a 1.5% NSR.
Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration, and if
warranted, development of mineral projects. The Corporation’s objective is to conduct efficient and economical exploration on
its growing portfolio of high-quality gold projects, currently focused in northwestern Ontario within the Eagle-Wabigoon-
Manitou Lakes Greenstone Belts. In addition, Ashley has entered into a LOI to earn 100% of the Sahara Uranium-Vanadium
property in Emery County, Utah subject to a 2% NSR.
The responsibility of this release lies with Mr. Darcy Christian, President and CEO • +1 (587) 777-9072 •
[email protected] , may be contacted for further information. www.ashleygoldcorp.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility
for the adequacy or accuracy of this release.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking
statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks
and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp. provides no
assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out
in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements”.