GAMA Further Boosts Treasury by Closing $1 Million Private Placement of Flow-Through Shares
Rhea-AI Summary
Gama Explorations Inc. (OTCQB:GMMAF) has successfully closed a non-brokered private placement, securing approximately $1 million in gross proceeds for its 2023 exploration program. This funding will support exploration activities at its Muskox Lithium Project in the Northwest Territories and Tyee Nickel Project in Quebec. The Private Placement included the issuance of 568,182 flow-through shares at $0.88 and 543,478 Quebec flow-through shares at $0.92. The total proceeds will be allocated to Canadian exploration expenses, with a commitment to incur these by December 31, 2024. The company also reported a robust cash position following a prior oversubscribed placement in February 2023, indicating strong interest in its diversified battery metals portfolio.
Positive
- Raised approximately $1 million to fund 2023 exploration plans.
- Completed an oversubscribed $5.4 million private placement in February 2023, enhancing cash reserves.
- Strong cash balance supports future exploration initiatives on key projects.
Negative
- None.
News Market Reaction – GMMAF
On the day this news was published, GMMAF declined 11.38%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
COMPANY FULLY FUNDED FOR 2023 EXPLORATION PROGRAM
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / April 21, 2023 / Gama Explorations Inc. (CSE:GAMA)(FSE:N79) (OTCQB:GMMAF) ("Gama" or the "Company") announces that it has closed a non-brokered private placement, (the "Private Placement") for gross proceeds of approximately
"The closing of this flow-through placement fully funds Gama's exploration plans for 2023 on the Muskox Lithium Project in the Northwest Territories and on the Tyee Nickel Project in Quebec," stated Mick Carew, CEO of Gama. "In addition to completing an oversubscribed,
Under the Private Placement, the Company issued 568,182 flow-through shares ("FT Shares") that will qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) at a price of
In connection with the Private Placement, the Company paid finder's fees of
The gross proceeds from the issuance of the FT Shares and the Quebec FT Shares will be used for Canadian exploration expenses and will qualify as "flow-through mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of the Taxation Act (Quebec), which will be incurred on or before December 31, 2024 and renounced to the subscribers with an effective date no later than December 31, 2023.
About Gama Explorations Inc.
Gama is a Canadian company listed on the Canadian Securities Exchange (CSE:GAMA), on the OTCQB market in the United States (OTCQB:GMMAF), and on the Frankfurt Stock Exchange (FSE:N79). The Company is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties containing metals used in green technologies and the renewable energy sector. The company currently has the right to acquire
ON BEHALF OF THE BOARD, |
| Mick Carew, PhD|CEO and Director |
Email: mick@gamaexplorations.com For further information please contact: |
The securities being offered under the private placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
Forward-Looking Statements
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. The words "expected", "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE: Gama Explorations Inc.
View source version on accesswire.com:
https://www.accesswire.com/750757/GAMA-Further-Boosts-Treasury-by-Closing-1-Million-Private-Placement-of-Flow-Through-Shares
FAQ
What is the purpose of Gama Explorations' recent private placement?
How much did Gama Explorations raise in their latest private placement?
What are the prices of the flow-through shares issued by Gama Explorations?
When are the proceeds from the flow-through shares expected to be used?
What is the current market symbol for Gama Explorations?
