CORRECTION FROM SOURCE: Dryden Gold Corp. Announces Upsizing of Previously Announced Equity Financing This document corrects and replaces the press release that was issued earlier today. The error occurred in the first paragraph where it should have mentioned the offering price of the HD Units.
CORRECTION FROM SOURCE: Dryden Gold
Corp. Announces Upsizing of Previously
Announced Equity Financing
This document corrects and replaces the press release that was issued earlier today. The error
occurred in the first paragraph where it should have mentioned the offering price of the HD Units.
The corrected press release follows in full below:
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2024) -
Dryden Gold Corp. (TSXV:
DRY) (OYCQB: DRYGF)
("
Dryden Gold
" or the "
Company
is pleased to announce that as a result of
excess demand it is increasing the previously announced (August 26, 2024) non-brokered equity
financing (the "Upsized Financing") of up to a maximum of 27,000,000 shares comprised of (1) flow-
through common shares (the "FT Shares") and (2) charity flow-through units (the "CFT Unit") and (3) hard
dollar units (the "HD Units"). The FT Shares will be offered at $0.13 per share. The CFT Units will be
offered at a price of $0.15 per CFT Unit. Each CFT Unit will consist of one FT Share of the Company
and one-half of one common share purchase warrant. Each whole warrant (a "Warrant") will entitle the
holder to purchase one additional common share at an exercise price of $0.18 per common share for a
period of 24 months. The HD Units will be offered at $.11 and will consist of one common Share of the
Company and one-half of one Warrant. The FT Shares, the CFT Units and the HD Units will combine for
maximum aggregate proceeds of up to $3,500,000. The upsized offering is subject to compliance with
applicable securities laws and the approval of the TSX Venture Exchange. Finders' fees of 6% cash and
non-transferable Warrants equal to 6% of the number of FT Shares, CFT Units and HD Units sold under
the Upsized Financing may be payable to eligible arm's length persons with respect to certain
subscriptions accepted by the Company.
Closing of the Offering is subject to receipt of applicable regulatory approvals including the approval of
the TSX Venture Exchange. All securities issued in connection with the Upsized Financing will be subject
to a four-month hold period. The gross proceeds of the Upsized Financing will be used to fund drilling,
re-logging, on the Company's Dryden Gold Property in northwestern Ontario and a portion of the
proceeds from the sale of HD Units will be used for working capital and general and administrative
expenses.
The FT Shares and the CFT Units will qualify as "flow-through shares" (within the meaning of
subsection 66(15) of the
Income Tax A
ct (Canada) (the "
Tax Act
"). An amount equal to the gross
proceeds from the issuance of the FT Shares and the CFT Units will be used to incur eligible resource
exploration expenses which will qualify as (i) "Canadian exploration expenses" (as defined in the Tax
Act), and (ii) as "flow-through mining expenditures" (as defined in subsection 127(9) of the Tax Act). The
gross proceeds from the issuance of the HD Units will be used for general corporate purposes.
The Upsized Financing will close in one or more tranches on completion of documentation and is
conditional upon receipt of all necessary regulatory approvals, including the approval of the Exchange.
The Company anticipates that insiders may subscribe for HD Units. The issuance of HD Units to insiders
is considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions. The Company intends to rely on exemptions from the formal
valuation and minority shareholder approval requirements provided under sections 5.5(b) and 5.7(b) of
Multilateral Instrument 61-101.
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATON INTO THE
USA
ABOUT DRYDEN GOLD CORP.
Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold
mineralization listed on the TSX Venture Exchange ("DRY") and traded on the OTCQB
("DRYGF"). The Company has a strong management team and Board of Directors comprised
of experienced individuals with a track record of building shareholder value through property
acquisition and consolidation, exploration success, and mergers and acquisitions. Dryden
Gold controls a 100% interest in a dominant strategic land position in the Dryden District of
Northwestern Ontario. Dryden Gold acknowledges all Indigenous Peoples and that it is
operating on the traditional homelands of the Wabigoon Lake Ojibway Nation and Eagle Lake
First Nation. Dryden Gold's property package includes historic gold mines but has seen limited
modern exploration. The property hosts high-grade gold mineralization over 50km of potential
strike length along the Manitou-Dinorwic deformation zone. The property has excellent
infrastructure, enjoys collaborative relationships with First Nations communities and proximity
to an experienced mining workforce.
For more information go to our website
www.drydengold.com
.
CONTACT INFORMATION
Trey Wasser, CEO
Email:
phone: 940-368-8337
Maura Kolb, M.Sc., P. Geo., President
Email:
Phone: 807-632-2368
Ashley Robinson, Investor Relations
Email:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release
.
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains "forward-looking statements" within the meaning of applicable
securities legislation. Forward-looking statements include, but are not limited to, statements with respect
to future development plans; future acquisitions; exploration programs; and the business and operations
of Dryden Gold. Forward-looking statements relate to information that is based on assumptions of
management, forecasts of future results, and estimates of amounts not yet determinable. Any statements
that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance (often but not always using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words and phrases or stating that certain
actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved)
are not statements of historical fact and may be "forward-looking statements." Forward-looking
statements are subject to a variety of risks and uncertainties which could affect actual events or results to
differ from those reflected in the forward-looking statements including, the potential for delays in
exploration or development activities; the uncertainty of profitability; risks and uncertainties relating to the
interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the
inherent uncertainty of production and cost estimates and the potential for unexpected costs and
expenses; the possibility that future exploration, development or mining results will not be consistent with
the Company's expectations; risks related to commodity price fluctuations; and other risks and
uncertainties related to the Company's prospects, properties and business detailed elsewhere in Dryden
Gold's and the Company's disclosure record. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual results may vary materially from
those described in forward-looking statements. Investors are conditioned against attributing undue
certainty to forward-looking statements. These forward-looking statements are made as of the date
hereof and Dryden Gold and the Company do not assume any obligation to update or revise them to
reflect new events or circumstances. Actual events or results could differ materially from Dryden Gold's
and the Company's expectations or projections.
UNITED STATES ADVISORY.
The securities referred to herein have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "
U.S. Securities Act
"), have been
offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated
under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the
account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States
Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from
the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the
securities must not be conducted unless in accordance with the U.S. Securities Act. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be
any sale of securities in the state in the United States in which such offer, solicitation or sale would be
unlawful
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/222371