Breaking Mining Stock News:
Getchell Gold Corp. (CSE: $GTCH.CN) (OTCQB: $GGLDF) Announces Closing of Second
Tranche of Debenture Financing; @getchell_gold
THIS
NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
VANCOUVER,
BC - January 29, 2024 (Investorideas.com Newswire) Getchell Gold Corp. (CSE: GTCH)
(OTCQB: GGLDF)
(FWB: GGA1) ("Getchell" or the "Company") is pleased to
announce the successful closure of the second tranche of its previously announced
debenture financing initiative (the "Debenture Financing"), raising
an additional $1,003,998. As part of the Debenture Financing, the Company
issued 10,039,980 warrants (each a "Debenture Warrant"), each
allowing the holder to purchase a common share of the Company at $0.10 per
share until January 26, 2027, with 50% of the Debenture Warrants vested on
closing and the remaining 50% will vest and be exercisable on March 26, 2025.
Read
this news, featuring GTCH.CN in full at https://www.investorideas.com/news/2024/01291GTCH-Second-Tranche-of-Debenture-Financing.asp
Between
both tranches, the Company issued non-convertible debentures in the aggregate
principal amount of $2,921,418 and an aggregate of 29,214,180 Debenture
Warrants.
In connection with the second tranche of the Debenture
Financing, the Company issued 720,000 finders' shares, and granted 720,000
finder's warrants ("Finder's Warrants"). Each Finder's Warrant
entitles the holder to acquire one additional common share of the Company at a
price of $0.15 per common share until January 26, 2026.
As
announced on January 3, 2024, Getchell used the proceeds of the first tranche
of the Debenture Financing to pay the final US $1.6 million cash payment to
Canagold Resources Ltd. to acquire 100% ownership in the Fondaway Canyon and
Dixie Comstock gold properties (the "Properties"). The balance of the
Debenture Financing proceeds will be used to conduct further exploration work
on the Properties and for general working capital.
The securities issued in connection with the Debenture Financing
are subject to a statutory hold period of four months from the date of
issuance, expiring May 27, 2024, in accordance with applicable securities laws.
The securities offered have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or applicable
exemption from the registration requirements.
Early Warning Disclosure
Robert (Bob) Bass of Ontario, Canada acquired, through Bass
Research Services Ltd., non-convertible debentures for principal amount of
$800,000 and 8,000,000 Debenture Warrants of the Company pursuant to the
Debenture Financing. Each Debenture Warrant entitles the holder to purchase a
common share of the Company at $0.10 per share until January 26, 2027, with 50%
of the Debenture Warrants vested on closing of the Debenture Financing, and the
remaining 50% will vest and be exercisable on March 26, 2025.
Immediately prior to the foregoing acquisition, Mr. Bass owned
and/or had control over an aggregate of 10,077,144 common shares, representing
approximately 7.84% of the issued and outstanding shares of the Company on an
undiluted basis, of which 114,400 shares were held directly, 9,664,744 shares
were held indirectly through Bass Research Services Ltd., and 298,000 shares
were controlled indirectly through Mr. Bass' spouse. Mr. Bass also owned and/or
had control over 450,000 warrants (the "Warrants") that were held
indirectly through Bass Research Services Ltd., representing approximately
8.16% of the total issued and outstanding shares of the Company on a partially
diluted basis.
Following
completion of the Debenture Financing, Mr. Bass now owns or has control or
direction over, directly or indirectly, 10,077,144 common shares, 450,000
Warrants, 8,000,000 Debenture Warrants, and Debentures in the principal amount
of $800,000, representing approximately 7.80% of the issued and outstanding
shares of the Company on an undiluted basis, and approximately 13.45% of the
issued and outstanding shares of the Company on a partially diluted basis. Mr.
Bass's participation in the Debenture Financing represents an approximately
5.29% increase in his ownership and/or control over common shares of the
Company on a partially diluted basis, assuming that no further common shares of
the Company have been issued.
Mr. Bass acquired the Debenture and Debenture Warrants for
investment purposes. Mr. Bass may, depending on market and other conditions,
increase or decrease its ownership of the Company's securities, whether in the
open market, by privately negotiated agreements or otherwise, subject to a
number of factors, including general market conditions and other available
investment and business opportunities.
The disclosure respecting Mr. Bass' security holdings of the
Company contained in this news release is made pursuant to Multilateral
Instrument 62-104 - Take-Over Bids and Issuer Bids and
a report respecting the above acquisition will be filed with the applicable
securities commissions using the Canadian System for Electronic Document
Analysis and Retrieval (SEDAR+) and will be available for viewing at www.sedarplus.ca.
About Getchell Gold Corp.
The Company is a Nevada focused gold and copper exploration
company trading on the CSE: GTCH, OTCQB: GGLDF, and FWB: GGA1. Getchell Gold is
primarily directing its efforts on its most advanced stage, 100% owned, Fondaway
Canyon gold project, a past gold producer with a large mineral resource
estimate. Complementing Getchell's asset portfolio are the 100% owned; Dixie
Comstock, a past gold producer with a historic resource and two earlier stage
exploration projects, Star (Cu-Au-Ag), and Hot Springs Peak (Au) projects.
Fondaway Canyon and Dixie Comstock properties are located in Churchill County,
Nevada.
For further information please visit the Company's website at www.getchellgold.com or contact the
Company at info@getchellgold.com.
The
Canadian Securities Exchange has not reviewed this press release and does not
accept responsibility for the adequacy or accuracy of this news release.
Certain
information contained herein constitutes "forward-looking
information" under Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements with respect to
issuance of shares and options to WA Group LLC, and the use of proceeds from the
Unit Financing. Generally, forward-looking information can be identified by the
use of forward-looking terminology such as "will" or variations of
such words and phrases or statements that certain actions, events or results
"will" occur. Forward-looking statements are based on the opinions
and estimates of management as of the date such statements are made and they
are subject to known and unknown risks, uncertainties and other factors that
may cause the actual results to be materially different from those expressed or
implied by such forward-looking statements or forward-looking information.
Although management of Getchell have attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. The Company will
not update any forward-looking statements or forward-looking information that
are incorporated by reference herein, except as required by applicable
securities laws.
SOURCE Getchell Gold Corp.
Getchell
Gold (CSE:GTCH.CN;OTCQB:GGLDF)
is a featured mining stock on Investorideas.com
More
info on Getchell at Investorideas.com Visit: https://www.investorideas.com/CO/GTCH/
Get News
Alerts on Getchell Gold
Disclaimer/Disclosure: Investorideas.com is a digital publisher of
third party sourced news, articles and equity research as well as creates
original content, including video, interviews and articles. Original content
created by investorideas is protected by copyright laws other than syndication
rights. Our site does not make recommendations for purchases or sale of stocks,
services or products. Nothing on our sites should be construed as an offer or
solicitation to buy or sell products or securities. All investing involves risk
and possible losses. This site is currently compensated for news publication
and distribution, social media and marketing, content creation and more.
Disclosure is posted for each compensated news release, content published
/created if required but otherwise the news was not compensated for and was
published for the sole interest of our readers and followers. Contact
management and IR of each company directly regarding specific questions.
Disclosure: Getchell Gold Corp. is a
paid featured mining stock on Investor ideas. Read full disclosure https://www.investorideas.com/About/News/Clientspecifics.asp
Mining Sector Stocks- investing ideas in
mining stocks
Like Mining Stocks? View our Mining Stocks Directory
Get News Alerts on Mining
Stocks
