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Goldplay Closes First Tranche of Private Placement

 

 

 

 

 

Goldplay Exploration Ltd. (TSX-V: GPLY) (OTCQB: GLYXF) is pleased to announce that the Company has closed the first tranche of its non-brokered private placement previously announced on November 19, 2018 and has issued 5,573,834 units for gross proceeds of $1,226,243.48.

 

In connection with this closing, the Company paid finder’s fees totaling $47,653.93 cash and issued a total of 216,608 finder’s warrants.  Each finder’s warrant is exercisable for one common share at a price of $0.25/share for two years, provided that after the four month hold period expires, if for 10 consecutive days the closing price of the Company’s shares on the TSX-V exceeds $0.65, then the Company may anytime thereafter accelerate the expiry date of the Warrants to the date that is 10 days following the date on which the Company issues notice of the new expiry date. 

 

All securities issued under this private placement are subject to a four month and one day hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

 

Marcio Fonseca, President of the Company stated: “We are very pleased to have completed the first tranche of the private placement and we expect the final closing of the private placement this week”.

 

About Goldplay Exploration Ltd.

 

Goldplay owns a >250 sq. km exploration portfolio in the historical Rosario Mining District, Sinaloa, Mexico. Goldplay’s current exploration focus includes surface exploration and drilling, with a resource update to follow at the advanced-stage San Marcial Project and follow up exploration program at the El Habal Project.

 

The San Marcial land package consists of 1,250 ha, located south of the La Rastra and Plomosas historical mines and 20 km from the Company’s 100% owned El Habal Project in the Rosario Mining District, Sinaloa, Mexico. San Marcial is an attractive, near-surface high-grade silver, lead and zinc project for which a historical resource estimate has been previously disclosed.

 

San Marcial exhibits significant exploration upside supported by regional exploration programs completed by previous operators who identified 14 exploration targets similar to San Marcial within its 100% Goldplay-owned concessions. Some of these exploration targets consist of old shallow pits, caved shafts and historical underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures.

 

The El Habal Project is a drilling stage project. The oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historical shallow underground mining along a 6 km long prospective corridor. The El Habal Project is located near the historical gold-silver Rosario Mine which reportedly operated for over 250 years. Goldplay’s team has over 30 years of experience with senior roles in exploration, financing, and development in the mining industry, including over ten years of extensive exploration experience in the Rosario Mining District, leading to previous successful discoveries. A current NI 43-101 report on the El Habal Project is filed on SEDAR.

 

Posted December 4, 2018

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