Dryden Gold Corp. Announces Equity Financing
Dryden Gold Corp. Announces Equity
Financing
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2024) -
Dryden Gold Corp. (TSXV: DRY)
(OTCQB: DRYGF)
("
Dryden Gold
" or the "
Company
wishes to announce a proposed non-brokered
equity financing (the "Financing") of up to a maximum of 14,000,000 shares comprised of both flow-
through common shares (the "FT Shares") and charity flow-through units (the "CFT Unit"). The FT Shares
will be offered at $0.13 per share and the CFT Units will be offered at a price of $0.15 per CFT Unit for
maximum aggregate proceeds of $2,000,000. 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. Subject to compliance with applicable securities laws and the approval
of the TSX Venture Exchange, finders' fees of 6% cash and warrants equal to 6% of the number of FT
Shares and CFT Units sold under the 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 Financing will be subject to a
four-month hold period. The gross proceeds of the Financing will be used to fund drilling, re-logging, on
the Company's Dryden Gold Property in northwestern Ontario.
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 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 CFT Units. The issuance of CFT 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.
Trey Wasser, CEO and Director commented,
"We are excited about the initial results of our drilling at
the Gold Rock Camp previously announced in our news release dated
August 12, 2024
. While we
await the assays, the visible gold in the drill core is very encouraging. The re-logging efforts and field
work is designed to substantially increase our knowledge of this high-grade Archean gold system."
The technical disclosure in this news release has been reviewed and approved by Maura J. Kolb, MSc,
PGeo, president of Dryden Gold and a qualified person as defined by National Instrument 43-101 of the
Canadian Securities Administrators.
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 First Nations support 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/221102