Thunder Gold Announces Non-Brokered Private Placement
Rhea-AI Summary
Thunder Gold Corp (TSXV: TGOL) (OTCQB: TGOLF) announces a non-brokered private placement to raise up to $1,000,000 through the sale of 33,333,333 units at $0.03 per unit. Each unit includes one common share and one warrant, exercisable at $0.10 for 36 months. The company plans to use the proceeds for general working capital and to advance its 100% owned Tower Mountain gold property in Ontario. The financing is expected to close around August 30, 2024.
CEO Wes Hanson states that the funding will support reconnaissance mapping of the eastern contact of the Tower Mountain intrusion, where surface samples average over 6.0 g/t gold. The company aims to prepare for a 2025 drill program and release an initial large-tonnage, low-grade mineral resource estimate for Tower Mountain in 2025.
Positive
- Raising up to $1,000,000 through private placement
- Proceeds to be used for working capital and advancing Tower Mountain gold property
- Surface samples from eastern contact of Tower Mountain intrusion average over 6.0 g/t gold
- Planning aggressive step-out drill program for 2025
- Aiming to release initial mineral resource estimate for Tower Mountain in 2025
Negative
- Potential dilution for existing shareholders due to new share issuance
- Warrants may lead to further dilution if exercised
News Market Reaction – TGOLF
On the day this news was published, TGOLF declined 2.23%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Thunder Bay, Ontario--(Newsfile Corp. - August 14, 2024) - Thunder Gold Corp (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) (formerly White Metal Resources Corp) ("Thunder Gold" or the "Company") is pleased to announce it intends to complete a non-brokered private placement to raise gross proceeds of up to approximately
The Units shall be subject to the statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Company may pay finder's fees to eligible finders in accordance with the policies of the TSXV consisting of a cash fee equal to up to
The Financing is subject to TSXV approval. The Company anticipates closing of the Financing to occur on or about August 30, 2024.
The Company intends to use the net proceeds of the Financing for general working capital purposes and to advance the Company's
Certain directors and officers of the Company may acquire securities under the Financing. Any such participation would be considered a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions ("MI 61-101"). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(b) and 5.7(b) of MI 61-101 in respect of any such insider participation.
Wes Hanson, President and CEO stated, "This financing is expected to provide working capital to complete additional reconnaissance mapping targeting the eastern contact of the Tower Mountain intrusion, where over twenty (20) surface rock chip samples average over 6.0 g/t, coincident with the eastern intrusive contact. The average of the historical grab samples are 10x higher than any population identified along the western intrusive contact, where historical drilling suggests a conceptual exploration target of 40 to 80 million tonnes averaging 0.80 to 1.20 g/t from surface to 500 metres. This preliminary field work is intended to streamline an aggressive, step out drill program testing the eastern contact of the Tower Mountain intrusion in 2025. The Company's objective is to be in a position to release an initial large-tonnage, low-grade mineral resource estimate for Tower Mountain in 2025."
The securities issued pursuant to the Financing have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company also corrects an error in its August 12, 2024 news release related to the grant of 3.85 million options to Management and Directors. The original news release noted an exercise price of
Qualified Person
Technical information in this news release has been reviewed and approved by Wes Hanson, P.Geo., President and CEO of Thunder Gold Corp., who is a Qualified Person under the definitions established by NI 43-101.
About the Tower Mountain Gold Property
The
About Thunder Gold Corp.
Thunder Gold Corporation, formerly White Metal Resources. is a junior exploration company focused on gold discovery in Canada. For more information about the Company please visit: www.thundergoldcorp.com
On behalf of the Board of Directors,
Wes Hanson, P.Geo., President and CEO
For further information contact:
Wes Hanson, CEO
(647) 202-7686
whanson@thundergoldcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. All statements, other than statements of historical fact, are forward-looking statements and are based on predictions, expectations, beliefs, plans, projections, objectives and assumptions made as of the date of this news release, including without limitation: the size of the Financing and other statements concerning the Financing; the expected closing date of the Financing; the anticipated use of proceeds from the Financing; anticipated results of geophysical drilling programs, geological interpretations and potential mineral recovery. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to the gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise any forward-looking statements, other than as required by applicable law, to reflect new information, events or circumstances, or changes in management's estimates, projections or opinions. Actual events or results could differ materially from those anticipated in the forward-looking statements or from the Company's expectations or projections.
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