GoldON Closes Private Placement Financing

Rhea-AI Summary

GoldON Resources (TSXV: GLD) has completed the second and final tranche of its non-brokered private placement financing, raising $150,000 through the issuance of 6,000,000 Units at $0.025 per Unit. This concludes the total offering of $400,000 for 16,000,000 Units.

Each Unit includes one common share and one transferable warrant, allowing holders to purchase an additional common share at $0.05 for two years. The Company can accelerate warrant expiry if its share price remains at or above $0.20 for 10 consecutive trading days.

The proceeds will be allocated with up to $200,000 for work at the 100%-owned Slate Falls Gold-Silver Property, while the remainder will fund general working capital. Up to 10% may be used for investor relations and up to 20% for non-arm's length party payments.

Positive

• Successful completion of $400,000 private placement financing
• 100% ownership of Slate Falls Gold-Silver Property
• 50% of proceeds allocated to property development

Negative

• Significant dilution with 16,000,000 new units issued
• Low unit pricing at $0.025 indicates weak market position
• Additional dilution possible through warrant exercise

Victoria, British Columbia--(Newsfile Corp. - March 27, 2025) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce that it has closed the second and final $150,000 tranche of its previously announced non-brokered private placement financing with qualified investors of 16,000,000 units (the "Units") for gross proceeds of $400,000 (the "Offering").

In its second and final tranche, the Company issued 6,000,000 Units at a price of $0.025 per Unit. Each Unit consists of one common share and one transferable share purchase warrant (the "Warrant") that will entitle the holder to purchase one additional common share of the Company at a price of $0.05 per share for two years from the closing date. All shares issued in respect of this tranche will be subject to a hold period expiring July 28, 2025.

If at any time after the date of issuance of the Warrants, the closing price of the Company's common shares on the TSX Venture Exchange is at or above $0.20 per share for a period of 10 consecutive trading days (the "Triggering Event"), the Company may elect to accelerate the expiry date of the Warrants by delivering notice to the Warrant holders and issuing a news release announcing the Triggering Event. The Warrants will expire on the 30^th calendar day after the later of the date of such notice and the date of issuance of such news release.

The Company expects it will use up to $200,000 of the proceeds of the Offering to fund work at its 100%-owned Slate Falls Gold-Silver Property and the remainder for general working capital purposes. Management estimates that not more than 10% of the proceeds will be used for investor relations expenses and not more than 20% of the proceeds will be used for payments to non-arm's length parties. Completion of this Offering is subject to TSX Venture Exchange acceptance.

About GoldON Resources Ltd.

GoldON is a mineral exploration company focused on discovery-stage properties. Our goal is to add value by defining or redefining the exploration opportunity, maintain ownership control during the value creation phase of discovery, and then source a well-financed partner capable of accelerating discovery, resource definition, and development.

For more information, you can visit our website at goldonresources.com, download our investor presentation here, and follow us on X at https://x.com/GoldONResources.

ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President

GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: info@goldonresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements

This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246259

FAQ

How much did GoldON Resources (TSXV: GLD) raise in their latest private placement?

GoldON raised a total of $400,000, with the final tranche being $150,000.

What are the terms of the warrants issued in GoldON's March 2025 private placement?

The warrants allow holders to purchase additional shares at $0.05 for two years, with acceleration if shares trade at $0.20 for 10 consecutive days.

How will GoldON use the proceeds from their $400,000 private placement?

Up to $200,000 will fund work at Slate Falls Gold-Silver Property, with the remainder for working capital, max 10% for IR and 20% for non-arm's length payments.

When does the hold period expire for GoldON's March 2025 private placement shares?

The hold period for shares issued in this tranche expires on July 28, 2025.