Dryden Gold Corp. Announces Upsizing of Previously Announced Equity Financing
Dryden Gold Corp. Announces Upsizing of
Previously Announced Equity Financing
Vancouver, British Columbia--(Newsfile Corp. - September 23, 2024) -
Dryden Gold Corp. (TSXV:
DRY) (OTCQB: DRYGF)
("
Dryden Gold
" or the "
Company
is pleased to announce that as a result of
excess demand for the flow-through common shares (the "FT Shares")
it is increasing the previously
announced (August 26, 2024, September 6, 2024 & September 18, 2024) non-brokered equity
financing (the "Upsized Financing") by up to an additional 4,000,000 FT Shares for an aggregate
Upsized Financing of up to a maximum of 38,000,000 shares. The FT Shares will be offered at $0.13
per share.
The Upsized Financing is comprised of (1) the increased number of FT Shares and (2) charity flow-
through units (the "CFT Unit") at a price of $0.15 per CFT Unit and (3) 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") 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 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 $5,100,000. 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.
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 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.
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
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
.
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION INTO THE
USA
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/224212