Bulgold Announces Closing of Second and Final Tranche of Non-Brokered Private Placement
BULGOLD ANNOUNCES CLOSING OF SECOND AND FINAL TRANCHE OF NON-BROKERED
PRIVATE PLACEMENT
Not for distribution to United States newswire services or for dissemination in the United States
Toronto, ON. July 7, 2023 – BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to
announce, further to its June 23, 2023 news release, the closing of the second and final tranche (the “Second
Tranche”) of its previously announced non-brokered private placement (the "Offering") for gross proceeds of
approximately $550,050.00 from the sale of 1,833,500 units of the Company (each, a "Unit") at a price of $0.30
per Unit (the "Issue Price"). BULGOLD issued a total of 7,366,831 Units for gross proceeds of approximately $2.21
million under the Offering.
Each Unit consists of one common share of the Company (each a “Unit Share”) and one-half of one common share
purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant (including Warrants
comprising Units issued pursuant to the closing of any subsequent tranche of the Offering) will entitle the holder to
purchase one common share of the Company (each, a “Warrant Share”) at a price of $0.40 at any time on or before
December 23, 2024.
In consideration for the services rendered by certain arm’s length third parties (the “Finders”) in connection with
the Offering, the Finders received an aggregate cash fee of $84,528.49 and an aggregate of 281,759 finder’s
warrants (the “Finder’s Warrant”). Each Finder’s Warrant entitles the holder to acquire one additional common
share of the Company at an exercise price of $0.40 until December 23, 2024.
Management of the Company subscribed for $266,500 of the Offering. The issuances of Units to such insiders are
considered related party transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders
in Special Transactions (“MI 61-101”). The Company relied on exemptions from the formal valuation and minority
approval requirements in sections 5.5(b) and 5.7(1)(b) of MI 61-101, respectively, in respect of such insider
participation. The Offering remains subject to the final approval of the TSX Venture Exchange. The Unit Shares
and Warrant Shares issued under the Second Tranche are subject to a four-month hold period ending on
November 7, 2023.
The securities described herein have not been, and will not be, registered under the United States Securities Act,
or any state securities laws, and accordingly may not be offered or sold within the United States except in
compliance with the registration requirements of the U.S. Securities Act and applicable state securities
requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a
solicitation to buy any securities in any jurisdiction.
About BULGOLD Inc.
BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration
projects in Eastern and Central Europe. The Company controls 100% of two quality quartz-adularia epithermal
gold projects located in the Bulgarian portion of the Western Tethyan Belt: the Kutel Gold Project and the Kostilkovo
Gold Project. Management of the Company believes that its assets show potential for high-grade, good-metallurgy,
low-sulfidation epithermal gold mineralisation. The Company also holds an option to acquire a 100% interest in the
Lutila exploration licence located in central Slovakia which is prospective for low-sulfidation epithermal gold
mineralisation.
BULGOLD had approximately $1.6 million in its treasury at March 31, 2023. BULGOLD’s issued and outstanding
share capital totals 27,597,928 common shares, of which approximately 39.5% is held by Founders, Directors and
Management.
Additional information about the Company is available on BULGOLD’s website ( www.BULGOLD.com) and on
SEDAR (www.sedar.com).
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.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward -looking statements and forward -looking information within the meaning of
applicable securities laws. These statements relate to future events or future performance and include statements
relating to the Offering, including but not limited, the use of proceeds of the Offering and the timing and ability of the
Company to receive necessary regulatory and other approvals, including the final acceptance of the Offering by the
TSX Venture Exchange. All statements other than statements of historical fact may be forward-looking statements or
information. The forward-looking statements and information are based on certain key expectations and assumptions
made by management of the Company. Although management of the Company believes that the expectations and
assumptions on which such forward-looking statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and information since no assurance can be given that they
will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current
expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on
such statements and information may not be appropriate for other purposes, such as making investment decisions.
Since forward-looking statements and information address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a
number of factors and risks, including the inherent uncertainty of mineral exploration; risks related to title to mineral
properties; and credit, market, currency, operational, commodity, geopolitical, liquidity and funding risks generally,
including changes in economic conditions, interest rates or tax rates and general market and economic conditions.
Accordingly, readers should not place undue reliance on the forward-looking statements and information contained
in this press release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking
statements and information contained in this press release are made as of the date hereof and no undertaking is
given to update publicly or revise any forward -looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable securities laws. The forward-looking
statements and information contained in this press release are expressly qualified by this cautionary statement.
For further information, please contact:
BULGOLD Inc.
Sean Hasson, President and Chief Executive Officer
Telephone: +359 2 989 2361
Email: [email protected]
Website: www.BULGOLD.com