Fosterville South Announces $10,000,100 Marketed Private Placement led by Clarus Securities
Fosterville South Announces $10,000,100 Marketed Private Placement
led by Clarus Securities
Vancouver, British Columbia, April 28th, 2020 – Fosterville South Exploration Ltd (TSX-V: FSX)
(“Fosterville South ”) has appointed Clarus Securities Inc. as Lead Agent on behalf of a
syndicate of agents, to sell, by way of a private placement on a commercially reasonable best
efforts basis, up to 9,091,000 units of Fosterville South (the “Units”) at a price per Unit of
$1.10 (the “Issue Price”) for aggregate gross proceeds of up to $10,000,100. Each Unit will
consist of: (i) one common share (each, a “ Common Share ”); and (ii) one -half of one
common share purchase warrant (the “ Warrants”). Each Whole Warrant will entitle the
holder to purchase a Common Share at an exercise price of $2.00 for a period of 24 months
following the closing of the Offering.
Participation in the financing is expected to include certain current large shareholders,
including Mr. Eric Sprott through 21764223 Ontario Ltd, a corporation beneficially owned by
him.
Fosterville South intends to use the net proceeds of the offering for exploration and for general
working capital purposes.
The securities being offered have not, nor will they be registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an
applicable exemption from the U.S. registration requirements. This release does not constitute
an offer for sale of securities in the United States.
Closing of the Offering is expected on or about May 14, 2020 and is subj ect to regulatory
approval including that of the TSX Venture Exchange.
About Fosterville South Exploration Ltd.
Fosterville South has two large, 100% owned, high -grade epizonal gold projects called the
Lauriston and Golden Mountain Projects and one large group of tenement applications called
the Providence Project in the state of Victoria, Australia, including a 600 sq. km property
immediately to the south of and within the same geological framework that hosts Kirkland
Lake Gold’s Fosterville tenements. Additionally, Fosterville South recently acquired three
gold-focused projects called the Moormbool, Timor and Avoca Projects, which are also located
in the state of Victoria, Australia.
Five of Fosterville South’s properties (Lauriston, Providence , Golden Mountain , Timor and
Avoca) have had historical gold production from hard rock sources despite limited modern
exploration and drilling.
On behalf of Fosterville South
Bryan Slusarchuk
Chief Executive Officer and Director
Adam Ross, Investor Relations
Direct : (604) 229-9445
Toll Free: 1(833) 923-3334
Email: [email protected]
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based
on assumptions as of the date of this news release. These statements reflect management’s
current estimates, beliefs, intentions and expectations. They are not gu arantees of future
performance. Fosterville South cautions that all forward looking statements are inherently
uncertain and that actual performance may be affected by many material factors, many of
which are beyond their respective control. Such factors in clude, among other things: risks
and uncertainties relating to Fosterville South’s limited operating history, completion of the
financing, its proposed exploration and development activities on is Lauriston and Golden
Mountain P rojects and the need to comp ly with environmental and governmental
regulations. Accordingly, actual and future events, conditions and results may differ
materially from the estimates, beliefs, intentions and expectations expressed or implied in
the forward-looking information. Excep t as required under applicable securities legislation,
Fosterville South does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for the adequacy or
accuracy of this release.