Pure Gold Mining Inc. Increase to Bought Deal Financing (9071U)
April 09 2021 - 1:00AM
UK Regulatory
TIDMPUR
RNS Number : 9071U
Pure Gold Mining Inc.
09 April 2021
April 9, 2021
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY
AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
PURE GOLD MINING INC. ANNOUNCES INCREASE TO BOUGHT DEAL
FINANCING
Vancouver, British Columbia - Pure Gold Mining Inc. (TSXV:PGM)
("Pure Gold Mining Inc." or the "Company") is pleased to announce
today that, due to strong demand, it has agreed with Clarus
Securities Inc. ("Clarus"), as lead underwriter, on behalf of a
syndicate of underwriters including Canaccord Genuity Corp., Sprott
Capital Partners L.P., Stifel GMP, Haywood Securities Inc., and
P.I. Financial Corp. (collectively, the "Underwriters"), to
increase the size of it's previously announced C$10,001,600 "bought
deal" offering. Pursuant to the upsized deal terms, the
Underwriters have agreed to purchase, on a bought deal basis, or
alternatively to arrange for the purchase of, as agent for
substituted purchasers, 9,868,400 flow-through common shares (the
"Flow-Through Shares") for aggregate gross proceeds of C$14,999,968
(the "Offering"). The Flow-Through Shares will be priced at $1.52
per Flow-Through Share. The Company has also granted to the
Underwriters an over-allotment option to purchase an additional
1,480,300 Flow-Through Shares on the same terms as the Offering for
a period ending 30 days following the closing of the Offering. In
the event the over-allotment option is exercised in full, the
aggregate gross proceeds of the Offering will be C$17,250,024.
The Securities will be offered in the provinces of British
Columbia, Alberta, and Ontario by short form prospectus.
The Offering is expected to close on May 5, 2021, subject to
customary conditions and all regulatory approvals including the
approval of the TSX Venture Exchange.
The gross proceeds raised from the Offering will be used by the
Company to finance "Canadian development expenditures", as defined
in the Income Tax Act (Canada), on its property in Ontario.
ABOUT PURE GOLD MINING
PureGold is a growth company, located in the very heart of Red
Lake, Canada. Our objective is pure and simple. To develop a
highly-profitable long life gold mining company, becoming Canada's
next iconic gold producer. Our plan is very disciplined, very
methodical and financially sound. To expand organically, and
develop PureGold's multi-million ounce high grade gold asset
incrementally, step-by-step, using a phased mining development plan
to deliver maximum return.
This news release contains "forward-looking information" which
may include, but is not limited to, statements with respect to the
future financial or operating performance of the Company and its
projects. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and
the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or results or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward-looking statements if
circumstances,
management's estimates or opinions should change, except as
required by securities legislation. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements. The Company has included in this news release certain
non-IFRS performance measures, including, but not limited to, mine
operating profit, mining and processing costs and cash costs. Cash
costs per ounce reflect actual mine operating costs incurred during
the fiscal period divided by the number of ounces produced. These
measures are not defined under IFRS and therefore should not be
considered in isolation or as an alternative to or more meaningful
than, net income (loss) or cash flow from operating activities as
determined in accordance with IFRS as an indicator of our financial
performance or liquidity. The Company believes that, in addition to
conventional measures prepared in accordance with IFRS, certain
investors use this information to evaluate the Company's
performance and ability to generate cash flow.
For further information:
Adrian O'Brien
Director, Marketing and Communications 604-809-6890
aobrien@puregoldmining.ca
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END
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