Burin Gold Closes $6.9 million Initial Public Offering and Announces Listing on the TSX Venture Exchange
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Burin Gold Closes $6.9 million Initial Public Offering and Announces
Listing on the TSX Venture Exchange
Vancouver, Canada, November 22, 2021 – Burin Gold Corp. (“ Burin Gold” or the “ Company”) is pleased to
announce that it has completed its initial public offering (the “ IPO”) and listing on the TSX Venture Exchange
(“TSX-V”). The IPO consisted of the issuance of 7.78 million units (each a “Unit”) issued at a price of $0.60 per
Unit, and 3.26 million flow-through shares (each a “FT Share”) issued at a price of $0.69 per FT Shar e, pursuant
to final prospectus dated November 10, 2021 (the “ Prospectus”) for total gross proceeds to Burin of $6.92
million (the “Offering”). Burin Gold’s common shares were listed on November 22, 2021 and are expected to
commence trading on the TSX-V under the symbol “BURG” on November 24, 2021.
Each Unit is comprised of one common share in the capital of the Company (a “Share ”) and one -half of one
common share purchase warrant (each whole such warrant, a “Warrant ”). Each whole Warrant will entitle the
holder thereof to purchase one Share at an exercise price of $0.85 per Warrant for a period of 24 months from the
date of issuance.
The Offering was managed by Haywood Securities Inc. and Laurentian Bank Securities Inc. (the “Lead Agents”)
and including Echelon Wealth Partners Inc. (together with the Lead Agents, the “Agents”). In connection with the
IPO, the Company has paid the Agents an aggregate cash commission of $402,846.91 and i ssued to the Agents
642,187 broker warrants (“ Broker Warrants”). Each Broker Warrant is exercisable for one Common Share (a
“Broker Warrant Share”) at a price of $ 0.60 per Broker Warrant for a period of 24 months from the date of
issuance. In addition, the Company paid to the Lead Agents a corporate finance fee of $50,000 payable in cash
and 41,666 Shares issued at price of $0.60 per Share.
The Company will use the proceeds from the flow -through portion of the Offering for Canadian exploration
expenses on its properties located in Newfoundland that will qualify as flow -through mining expenditures, as
defined in the Income Tax Act (Canada). The Company will use the net proceeds from the non flow -through
portion of the Offering to fund the Company’s business, as further described in the Company’s Prospectus.
Insiders of the Company acquired an aggregate of 535,331 Units and 25,000 FT Shares . Accordingly, the
Offering constituted to that extent a “related party transaction” within the meaning of Multilateral Instrument 61 -
101 – Protection of Minority Security Holders in Special Transactions (“ MI 61-101”) requiring the Company, in
the absence of exemptions, to obtain a formal valuation and minority shareholder approval thereof. The Company
has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61 -101
contained in Sections 5.5(b) and 5.7(1)(b), respectively, of MI 61-101 in respect of such insider participation.
Additional information on the Company and the IPO can be found in the Company’s final prospectus dated
November 10, 2021 as filed under the Company's profile on SEDAR at http://www.sedar.com.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The
FT Shares, the Units, the underlying Shares and Warrants, and the Shares issuable upon exercise of the
Warrants, have not been and will not be registered under the United States Securities Act of 1933, as amended
(the “U.S. Securities Act”) or any state securities laws. Accordingly, the FT Shares may not be offered or sold to,
or for the ac count or benefit of, persons in the “United States” or “U.S. Persons” (as such terms are defined in
Regulation S under the U.S. Securities Act, and the Units may not be offered or sold to, or for the account or
benefit of, persons in the United States or U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws, or pursuant to exemptions from the registration requirements of the U.S.
Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Burin Gold in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
Introductory Webinar
Burin Gold will be hosting an introductory webinar today, November 22nd at 1:00 pm PST / 4:00 pm EST. David
Clark, Burin’s President & CEO, will be providing an overview of the company and its flagship Hickey’s Pond
Paradise Gold Project.
Date: November 22nd, 2021
Time: 1:00 pm PST / 4:00 pm EST
Registration: https://bit.ly/3CjA4pj
About Burin Gold Corp.
Burin Gold is a newly listed public company on the TSX Venture Exchange. The Company’s principal asset is a
159 km2 epithermal gold exploration property on the Burin Peninsula , Newfoundland. The Company’s property
on the Burin Peninsula contains the Hickey’s Pond gold prospect as well as numerous other historical high -
sulphidation epithermal gold show ings that have yet to be drill tested . The Company has been active in
Newfoundland since 2018 (operating as a private company under its former name of Bonavista Resources Corp.)
and has significantly advanced its Burin property through several exploration programs, including a 1,000 m etre
diamond drill program at the Hickey’s Pond prospect in late 2020. This initial drill program at Hickey’s Pond
intersected a best result of 10.8 m of 4.43 g/t Au at shallow depth (see Bonavista Resources Corp. news release of
Feb 24, 2021). With the successful completion of its IPO, the Company is well -positioned to commence a
significant diamond drilling campaign at the Hickey’s Pond prospect, planned to start Q1/2022.
Qualified Person
David Clark, MSc, PGeo, CEO of Burin Gold, is the Company’s designated Qualified Person within the meaning
of National Instrument 43 -101 Standards of Disclosure for Mineral Projects. He has prepared the technical
content of this news release.
Acknowledgement
The Company acknowledges the financial assistance of the Mineral Development Division, Department of
Industry, Energy, and Technology, Government of Newfoundland & Labrador, via its Junior Exploration
Assistance Program. The program provides valuable financial rebates on exploration expenditures made in the
province to qualifying exploration companies. The Company has benefited from the program yearly since 2018.
On behalf of the Board
“David Clark”
CEO & Director
Further Information:
David Clark
CEO & Director, Burin Gold Corp.
1-877-620-4185 – toll free
Forward Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements
include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such ter ms as
“believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are
based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertain ties.
Although these statements are based on information currently available to the Company, the Company provides no assurance that actual
results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to differ materially f rom those expressed or implied by such forward-
looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectiv es, goals or
future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine
development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actu al results
to differ materially from such forward -looking information i nclude, but are not limited to failure to identify mineral resources, failure to
convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the
preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other
project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties
relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly fr om estimates
and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of
COVID-19 on the business of the Company, including but not limited to the effects of COVID -19 on the price of comm odities, capital
market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public
documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclose d time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.