Dryden Gold Corp. Announces the Closing of its Equity Financing
Dryden Gold Corp. Announces the Closing of
its Equity Financing
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2024) -
Dryden Gold Corp. (TSXV: DRY)
(OTCQB: DRYGF)
("
Dryden Gold
" or the "
Company
is pleased to announce that it has closed (the
"Closing") its previously announced non-brokered equity financing (the "Upsized Financing"). The
Upsized Financing was increased three times due to unprecedented demand from institutions and high
net worth investors.
Trey Wasser, Dryden Gold's CEO commented on the Upsized Offering, "In what is still a difficult market
for junior exploration companies, we are very pleased to have had such an extraordinary reception to the
Dryden Gold story. We upsized the offering 3 times, from $2 million to over $5 million. We now have the
funds to continue drilling into 2025, to meet our 2025 final payment obligations, for re-logging of historic
core and to complete all our planned regional exploration program. Dryden Gold would like to
acknowledge the participation of several new institutional accounts, over 90 new high net worth investors
from across Quebec and other provinces as well as our loyal existing shareholders who participated in
the Upsized Financing."
The Upsized Financing is comprised of 14,756,294 of flow through shares (the "FT Shares") at a price
of $0.13 per FT Share, 8,272,727 of charity flow-through units (the "CFT Units") at a price of $0.15 per
CFT Unit and 17,611,548
of hard dollar units (the "HD Units") at a price of $0.11 per HD Unit. The CFT
Units will consist of one FT Share of the Company and one-half of one common share purchase warrant.
Each whole warrant (a "Warrant") entitles 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 consist of one
common share of the Company and one-half of one Warrant. The combined Upsized Financing will result
in a total of 40,640,569 common shares and 12,942,137 warrants being issued for aggregate proceeds
of $5,096,497. The Upsized Financing 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.
At Closing the Company paid finder's fees of $144,239.90 and issued an additional 1,208,454 Warrants
to eligible arm's length persons.
Closing of the Upsized Financing 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 Company's CEO Trey Wasser subscribed for 500,000 HD Units. The issuance of HD Units to
insiders is considered a related party transaction subject to TSX Venture Exchange Policies and
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.
There has
been no prior formal valuation of the common shares and Warrants issued as there has not been any
necessity to do so. The Upsized Offering has been reviewed and unanimously approved by the
Company's board of directors, including the independent directors.
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
benefits from 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
Ashley Robinson, Investor Relations
Email:
Maura Kolb, M.Sc., P. Geo., President
Email:
Phone: 807-632-2368
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
.
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION INTO THE
USA
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