GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) is pleased to announce the closing of the final tranche of its previously announced brokered private placement of units and flow-through units of the Company at a price of C$0.085 per Unit and of C$0.095 per FT Unit for total aggregate gross proceeds of C$2,753,028. Canaccord Genuity Corp. exercised the Agent’s Option, expanding the size of the Offering from the previously contemplated C$2,500,000 maximum.
Each Unit is comprised of one common share of the Company and one Common Share purchase warrant. Each FT Unit is comprised of one common share of the Company and one Warrant each of which will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada). Each Warrant is exercisable to acquire one Common Share at a price of C$0.12 per Warrant Share for a period of 24 months from the closing of the Final Tranche, subject to adjustment in certain circumstances. Any Warrant Shares issued upon the exercise of Warrants will be issued on a non flow-through basis.
Stephen Wilkinson, CEO of Gold’n Futures, commented: “The closing of this Private Placement marks to beginning of an exciting period for Gold’n Futures. Our first field crew has arrived at the Hercules Project and has begun the first stage of the field program. Over the coming weeks, the Company will be ramping up its activities with diamond drilling to commence next month once the permit is in hand.”
In connection with the closing of the Offering, the Company paid a cash commission to the Agent equal to 7.0% of the aggregate gross proceeds and issued an aggregate of 2,159,727 (inclusive of the broker warrants issued upon closing of the first tranche) non-transferable broker warrants to the Agent, with each such Broker Warrant entitling the Agent to acquire one Common Share of the Company at an exercise price of C$0.095 for a period of 24 months from the date of issuance, subject to adjustment in certain circumstances.
The Company intends to use the net proceeds from the sale of FT Units to incur “Canadian exploration expenses” that are “flow-through mining expenditures” (as such terms are defined in the Tax Act) on the Company’s Hercules gold property in Ontario and the Brady gold property in Newfoundland. The net proceeds from the sale of the Units will be used for general corporate purposes.
The securities issued under the Offering are subject to a four month and one day hold period pursuant to applicable Canadian securities laws.
The securities described herein 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 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 Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules project is located 200 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhirst and Rickaby, within the Thunder Bay North Mining District. The project is in the heart of the Beardmore – Geraldton gold mining camp, the 4th largest gold camp in Canada and is 40 km west of the Hardrock-Greenstone gold mine development. The property lies within an Archean greenstone belt that extends from the Longlac area in the east to Lake Nipigon in the west, a distance of about 130 kilometres and consists of 475 contiguous claim cells (10,052 ha). From the historical work completed on the property, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and, a drill hole database that includes historical drilling totalling in the order of 537 holes. With surface grab samples grading up to 10,374 g/t gold and channel samples up to 32.96 g/t gold across 11.6 metres, the Hercules gold zones offer top tier targets for the expansion of its historical resources.
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations and is a director of the Company.
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We acknowledge the [financial] support of the Government of Canada.