P2 Gold Closes Second Tranche of Non-Flow-Through Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
May 31, 2023 News Release 23-11
P2 Gold Closes Second Tranche of Non-Flow-Through Financing
Vancouver, British Columbia, May 31, 202 3; P2 Gold Inc . (“P2” or the “Company”) (TSX -V:PGLD)
(OTCQB:PGLDF) reports that it has closed the second tranche (the “ Second Tranche”) of its non -
brokered private placement of non -flow-through units (the “ Units”) at $0.27 per Unit, for gross
proceeds of up to approximately $1 .5 million (the “Offering”), previously announced on April 5, 2023
and May 4, 2023. The Second Tranche consisted of 785,632 Units for gross proceeds of approximately
$212,000.
Each Unit consists of one non-flow-through common share in the capital of the Company and one non-
flow-through common share purchase warrant (a “Warrant”). Each Warrant entitle s the holder to
purchase one additional non-flow-through common share in the capital of the Company at an exercise
price of $0.40 per common share for a period of two years from the date of issue (the “Expiry Time”),
provided that, if after four months from the date of issue, the closing price of the common shares of
the Company on the TSX Venture Exchange (the “Exchange”) is equal to or greater than $ 0.80 for a
period of 10 consecutive trading days at any time prior to the Expiry Time, the Company will have the
right to accelerate the Expiry Time by giving notice to the holders of the Warrants by news release or
other form of notice permitted by the certificate representing the Warrants that the Warrants will
expire at 4:30 p.m. (Vancouver time) on a date that is not less than 15 days from the date notice is
given.
The proceeds of the Offering will be used to fund exploration and eng ineering expenditures and for
general corporate purposes.
All securities issued pursuant to the Second Tranche are subject to a four-month hold period expiring
on October 1, 2023. The securities offered pursuant to the Offering have not been and will not be
registered under the United States Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable exemption from the registration requirements
of such Act.
Insiders of the Company subscribed for 92,593 Units of the Second Tranche. The issuance of 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 relied on exemptions from the
formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and
5.7(1)(a) of Multilateral Instrument 61 -101 on the basis that the participation in the Offering by the
insiders did not exceed 25% of the fair market value of the company’s market capitalization.
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About P2 Gold Inc.
P2 is a mineral exploration and development company focused on advancing precious metals and
copper discoveries and acquisitions in the western United States and British Columbia.
For further information, please contact:
Joseph Ovsenek
President & CEO
(778) 731-1055
P2 Gold Inc.
Suite 1100, 355 Burrard Street
Vancouver, BC
V6C 2G8
(SEDAR filings: P2 Gold Inc.)
Michelle Romero
Executive Vice President
(778) 731-1060
Neither the 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.
Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities
laws that is intended to be cov ered by the safe harbours created by those laws. “Forward -looking
information” includes statements that use forward -looking terminology such as “may”, “will”,
“expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations
thereof or comparable terminology. Such forward -looking information includes, without limitation,
information with respect to the Company’s expectations, strategies and plans for exploration
properties including the Company’s planned expenditures and exploration activities and the use of
proceeds from the Offering.
Forward-looking information is not a guarantee of future performance and is based upon a number of
estimates and assumptions of management at the date the statements are made , including without
limitation, that the Company will be able to use the proceeds from the Offering as anticipated, as well
as the other assumptions disclosed in this news release . Furthermore, such forward -looking
information involves a variety of known and unknown risks, uncertainties and other factors which may
cause the actual plans, intentions, activities, results, performance or achievements of the Company to
be materially dif ferent from any future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking information, including without limitation,
the inability to use the proceeds from the Offering as expected and risks ass ociated with mineral
exploration, including the risk that actual results and timing of exploration and development will be
different from those expected by management . See “Risk Factors” in the Company’s annual
information form dated March 16, 2023 filed on SEDAR at www.sedar.com for a discussion of these
risks.
The Company cautions that there can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, investors should not place undue reliance on forward-looking information.
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Except as required by law, the Company does not assume any obligation to release publicly any
revisions to forward -looking information contained in th is press release to reflect events or
circumstances after the date hereof.