Plato Gold Corp. Announces Closing of Non-Brokered Private Placement for $350,000
Plato Gold Corp. Announces Closing
of Non-Brokered Private Placement for $350,000
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE
SERVICES
Toronto, Ontario – June 10, 2021 – Plato Gold Corp. (TSX-V: PGC) (“Plato” or the “ Company”) is
pleased to announce that further to its news release dated J une 7, 2021, it has completed a non -brokered
private placement for aggregate gross proceeds of $350,000 (the “Offering”). The Offering consisted of (i)
5,100,000 flow-through shares (“FT Shares”) at a price of $0.05 per FT Share for gross proceeds of up to
$255,000; and (ii) 1,900,000 hard dollar units (“ HD Units”) at a price of $0.05 per HD Unit for gross
proceeds of $95,000.
Each HD Unit is composed of one common share in the capital of the Company (a “Common Share”) and
one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one
Common Share (a “Warrant Share”) at a price of $0.07 per Warrant Share until the date which is twenty-
four (24) months following the closing date of the Offering, whereupon the Warrants will expire. Each FT
Share is composed of one Common Share issued on a flow-through basis within the meaning of the Income
Tax Act (Canada) (the “Tax Act”).
The proceeds raised from the sale of the FT Shares will be used to incur “Canadian exploration expenses”
that are “flow-through mining expenditures” (as such terms are defined in the Tax Act) to pay for assay
results on over 2,000 meters of drill core from the Company’s Good Hope Niobium Project near Marathon,
Ontario and to fund the Company’s other properties in Ontario, Canada. The proceeds raised from the sale
of the HD Units will be used for general working capital purposes and for expl oration expenses on the
Company’s properties.
Certain insiders of the Company subscribed, directly or indirectly for an aggregate of 2,200,000 FT Shares
and 1,100,000 HD Units pursuant to the Offering. Such participation is considered a “related party
transaction” as such terms are defined by 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 for and minority shareholder approval of the “related party transactions”. The
Company is relying on an exemption from the requirement to obtain formal valuation and minority
shareholder approval as the fair market value of the participation in the Offering by the Insiders does not
exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
In connection with the closing of the Offering, eligible finders wh o introduced investors to the Offering
have been (i) paid an aggregate cash commission of $4,800; and (ii) issued an aggregate 96,000 finder units
(the “Finder Unit ”). Each Finder Unit is composed of one Common Share and one Common Share
purchase warrant (a “ Finder Warrant ”). Each Finder Warrant will entitle the holder to purchase one
Common Share (a “Finder Warrant Share”) at a price of $0.07 per Finder Warrant Share until the date
which is twenty-four (24) months following the closing date of the Offering.
The securities issued and issuable pursuant to the Offering will be subject to a four month and one day
statutory hold period. Completion of the Offering is subject to certain conditions including, but not limited
to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and
applicable securities regulatory authorities.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities 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 and may not
be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined
in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
About Plato Gold Corp.
Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange and Frankfurt
Exchange with projects in Timmins, Ontario, Marathon, Ontario and Santa Cruz, Argentina.
The Timmins, Ontario project includes 4 properties: Guibord, Harker, Holloway and Marriott in the
Harker/Holloway gold camp located east of Timmins, Ontario with a focus on gold.
In Argentina, Plato owns a 95% interest in Winnipeg Minerals S.A. (“WMSA”), an Argentina incorporated
company that holds a number of contiguous mineral rights totalling 9,672 hectares with potential for gold
and silver.
The Good Hope Niobium Project consists of approximately 5,146 hectares in Killala Lake Area and
Cairngorm Lake Area Townships, near Marathon, Ontario with the primary target being niobium.
The Pic River Platinum Group Metals (PGM) Project consists of 2,247 hectares in Foxtrap Lake and Grain
Township, near Marathon, Ontario of which 19 claims are contiguous to the western boundary of
Generation Mining’s Marathon PGM project and is located on strike to Generation Mining’s Sally deposit.
For additional company information, please visit: www.platogold.com.
For further information, please contact:
Anthony Cohen
President and CEO
Plato Gold Corp.
T: 416-968-0608
F: 416-968-3339
www.platogold.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Forward Looking Statements
This news release contains “forward-looking statements”, within the meaning of applicable securities laws.
These statements include, but are not limited to, completion of the Offering, statements regarding the
potential mineralization and resources, explor ation results, concentrations of pay minerals may offset
operating costs and future plans and objectives. Forward -looking statements may be identified by such
terms 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 uncertainties. Although these statements are based on
information currently available to the Com pany, the Company provides no assurance that actual results
will meet management’s expectations. These forward -looking statements are subject to a variety of risks
and uncertainties and other factors that could cause actual events or results to differ materially from those
projected in the forward -looking information. Risks that could change or prevent these statements from
coming to fruition include but are not limited to: changing costs for mining and processing; increased
capital costs; the timing and co ntent of upcoming work programs; geological interpretations based on
drilling that may change with more detailed information; potential process methods and mineral recoveries
assumption based on limited test work and by comparison to what are considered analogous deposits that
with further test work may not be comparable; testing of our process may not prove successful and even it
tests are successful, the economic and other outcomes may not be as expected; the availability of labour,
equipment and markets for the products produced; conditions changing such that the minerals on our
property cannot be economically mined, or that the required permits cannot be obtained; and 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 commodities, capital market conditions, restrictions on labour
and international travel and supply chains. Although management of Plato has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward -
looking statements, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will pro ve to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The forward-looking information contained herein
is given as of the date hereof and the Company assumes no responsibility to update or revise such
information to reflect new events or circumstances, except as required by law.