Golden Spike Closes Final Tranche of Non-Brokered Private Placement Offering

Rhea-AI Summary

Golden Spike Resources has completed the second and final tranche of its non-brokered private placement, raising $225,000 through the issuance of 1,125,000 non-flow-through units at $0.20 per unit. Each unit includes one common share and half a warrant exercisable at $0.30 until November 1, 2026. The company issued 7,500 finder's warrants and paid $1,500 in finder's fees. The total proceeds from both tranches amount to $782,500 through the issuance of 3,912,500 units. All securities have a four-month hold period.

Positive

• Successfully raised $782,500 in total proceeds through private placement
• Complete subscription of offering indicates investor interest

Negative

• Share dilution due to issuance of 3,912,500 new units
• Additional potential dilution from 1,956,250 warrants if exercised

Vancouver, British Columbia--(Newsfile Corp. - November 1, 2024) - Golden Spike Resources Corp. (CSE: GLDS) (OTCQB: GSPRF) (FSE: L5Y) ("Golden Spike" or the "Company") Further to the Company's news release on October 8, 2024, Golden Spike is pleased to announce that it has closed the second and final tranche of its non-brokered private placement offering for aggregate gross proceeds of $225,000. (the "Second Tranche of the Non-Brokered Offering") and has issued 1,125,000 non-flow-through units of the Company (the "NFT Units") at a price of $0.20 per NFT Unit. Each NFT Unit consists of one Common Share and one-half of one Common Share purchase warrant (each whole warrant, a "NFT Warrant"). Each NFT Warrant is exercisable into one Common Share at an exercise price of $0.30 per Common Share expiring November 1, 2026.

In connection with this Second Tranche of the Non-Brokered Offering, the Company has issued 7,500 finder's warrants (the "Finder's Warrants") and paid a cash commission of $1,500 to one finder. Each Finder's Warrant entitles the holder thereof to purchase one Common Share at a price of $0.30 per Common Share for a period of 24 months from issuance.

Pursuant to the first and second tranches of the Non-Brokered Offering, an aggregate of 3,912,500 NFT Units have been issued at $0.20 per NFT Unit for gross proceeds of $782,500.

The securities issued under the Non-Brokered Offering will have a hold period of four months and one day from the date of closing. 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 Golden Spike

Golden Spike Resources Corp. (CSE: GLDS) (OTCQB: GSPRF) (FSE: L5Y) is a Canadian mineral exploration company focused on identifying, acquiring and unlocking value in mineral opportunities in Canada and other low-risk jurisdictions. The Company currently holds 100% interest in the 5,050-hectare Gregory River Property in Newfoundland, strategically centered over an approximate 11-kilometer-long stretch of the Gregory River VMS-belt, a north-northeast trending corridor of very prospective ground with potential to host Cyprus-type polymetallic VMS deposits. In addition, the Property hosts a cluster of historically explored, high-grade, copper ±gold vein structures.

ON BEHALF OF THE BOARD OF DIRECTORS

Keith Anderson, President and CEO

Golden Spike Resources Corp.
830 - 1100 Melville St., Vancouver, BC, V6E 4A6
+1 (604) 786-7774
info@goldenspikeresources.com   www.goldenspikeresources.com

"Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release."

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228657

FAQ

How much did Golden Spike Resources (GSPRF) raise in its final tranche of private placement?

Golden Spike Resources raised $225,000 in the final tranche of its non-brokered private placement.

What is the exercise price and expiry date for Golden Spike's (GSPRF) NFT Warrants?

The NFT Warrants are exercisable at $0.30 per Common Share and expire on November 1, 2026.

What was the total amount raised by Golden Spike (GSPRF) in both tranches of the private placement?

Golden Spike raised a total of $782,500 through both tranches of the non-brokered private placement.