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Hanstone Gold Closes First Tranche of Private Placement

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Hanstone Gold Closes First Tranche of Private Placement

 

 

 

 

 

Hanstone Gold Corp. (TSX-V: HANS) (FSE: HGO) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement, issuing 3,007,770 flow-through units of the Company at a price of $0.44 per FT Unit, for aggregate gross proceeds of approximately $1,323,420.

 

Each FT Unit consists of one common share of the Company which qualifies as a “flow-through share” (within the meaning of the Income Tax Act (Canada)) and one Common Share purchase warrant. Each Warrant is exercisable to acquire one Common Share at a price of $0.47 per Warrant Share for a period of 24 months.

 

The Company intends to use the net proceeds from the first tranche of the Offering for its ongoing exploration drilling program. The gross proceeds received by the Company from the sale of the FT Units will be used to incur eligible “Canadian exploration expenses” that are “flow-through mining expenditures” (as such term is defined in the Income Tax Act (Canada)) related to the Company’s Doc and Snip North projects. The Company will renounce such CEE to the purchasers of the FT Units with an effective date of no later than December 31, 2021.

 

The securities issued under the closing of the first tranche of the Offering are subject to a hold period of four months and a day, expiring November 30, 2021.

 

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.

 

The Company will provide an update respecting the Offering in due course.

 

About Hanstone Gold

 

Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of British Columbia known as the Golden Triangle. The Golden Triangle is an area which hosts numerous producing and past-producing mines and several large deposits that are approaching potential development. The Company holds a 100% earn in option in the 1,704-hectare Doc Project and owns a 100% interest in the 3,336-hectare Snip North Project. Hanstone has a highly experienced team of industry professionals with a successful track record in the discovery of gold deposits and in developing mineral exploration projects through discovery to production.

 

Posted July 30, 2021

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