Goldstrike Resources Ltd. (TSX-V:GSR) (OTC PINK:APRAF) (FRANKFURT:KCG1) is pleased to report that it has closed the final tranche of its non-brokered private placement announced on March 24, 2016, raising gross proceeds from all tranches totalling just over $3,030,000.
The Company issued 5,470,014 flow-through units at the price of $0.17 each on March 21, 2016 for gross proceeds of $929,902.38 and 16,167,517 non-flow-through units at the price of $0.13 each for gross proceeds of $2,101,777.21 (11,705,979 NFT Units on March 24, 2016 and 4,461,538 NFT Units on April 5, 2016).
Each FT Unit was comprised of one common share which is a “flow-through” share for Canadian income tax purposes and one share purchase warrant exercisable to purchase one additional common share which is not a “flow-through” share at the price of $0.30 until March 21, 2018. Each NFT Unit was comprised of one common share which is not a “flow-through” share and one share purchase warrant exercisable to purchase one additional common share which is not a “flow-through” share at the price of $0.25 until March 24, 2019 for the NFT Units issued on March 24, 2016 and until April 5, 2019 for the NFT Units issued on April 5, 2016. All warrants are subject to the additional condition that if at any time after four months after their respective dates of distribution the Company’s shares have a closing price equal to or higher than $0.60 per Share for ten consecutive trading days on the TSX Venture Exchange the Company shall thereafter be entitled to give notice to the holders, by news release, that such warrants will expire at 4:30 p.m. (Vancouver time) on that date which is 20 days after the date of such news release unless exercised before the expiry of that period.
This financing will leave the Company fully funded to execute this summer’s planned exploration and drilling program on its flagship Plateau gold property in Yukon, where significant drill results have been obtained in multiple holes (best intersection to date 13.25 grams per tonne gold over 17.5 metres true width in the Goldstack Zone, including 35.88 grams per tonne gold over 5.7 metres). The company also recently added significantly to its cash position with the plan of arrangement which completed on February 29, 2016.
Cash finders’ fees have been paid in connection with the placement of NFT Units in accordance with the policies of the TSXV: $98,525.00 to Mezzo Consulting Services S.A. and $455.00 to Canaccord Genuity Corp. No finder’s warrants were issued. All shares issued pursuant to the offering (including shares issued to a finder in respect of the distribution of FT Units, reported on March 23, 2016) and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period expiring at midnight four months after their respective dates of distribution.
Goldstrike’s principal properties are its flagship Plateau South property and its Plateau North and Lucky Strike properties, all located in Yukon, Canada, and all owned by Goldstrike. The Plateau South property covers a district scale gold-mineralized system known as the Yellow Giant Trend. Multiple high grade gold showings (rock grab samples up to 18.66 ounces per ton) have been exposed along the Hess River valley over a strike length of more than 25 kilometres and a vertical extent of more than 1,000 metres, and significant drill results have been obtained in multiple holes. Fifty per cent of the holes drilled in 2015 intersected grains of native gold in the core. The gold is coarse, and appears to be free milling.
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