1911 Gold Corporation Announces Expanded Life Offering
VANCOUVER, British Columbia — 1911 Gold Corporation (“1911 Gold” or the “Company”) (TSXV: AUMB; OTCQB: AUMBF; FRA: 2KY) has announced an expansion of its previously reported private placement and LIFE offering, now set at C$17 million. This move is aimed at enhancing the Company’s operational capacity and growth trajectory, emphasizing 1911 Gold’s commitment to its stakeholders.
Details of the Upsized Offering
The revised agreement, in collaboration with Haywood Securities as the lead agent, includes provisions for the sale of common shares on a "best efforts" basis. This offering will consist of:
CEE LIFE and CDE Offered Shares
1911 Gold plans to issue up to 3,184,000 common shares that qualify as “flow-through shares,” allowing for investment in Canadian exploration expenses. These shares will be priced at C$0.64 each. Additionally, the Company will offer 14,802,000 shares classified as “accelerated Canadian development expenses” at a price of C$0.554 each, contributing to expected gross proceeds of approximately C$10.2 million for the LIFE Offering.
Non-Flow-Through Shares
In conjunction, the Agents will facilitate the sale of up to 6,889,000 common shares priced at C$0.45 each, along with 5,655,000 flow-through shares at the same price, summing up to around C$6.7 million from the PP Offering. Collectively, the Marketed Offering is anticipated to generate proceeds of up to C$16.96 million.
Use of Proceeds
The net proceeds derived from the Non-FT Shares will primarily support general corporate and working capital strategies. Moreover, for the CEE Offered Shares, the Company is dedicated to utilizing the gross proceeds from their sale to incur qualifying expenditures before the specified deadline.
Regulatory Framework and Closing Conditions
This Upsized Offering is contingent upon several regulatory approvals, including those from the TSX Venture Exchange. The Company aims for a closing date around mid-October, subject to fulfilling all necessary conditions.
About 1911 Gold
As a junior developer, 1911 Gold holds an extensive land package exceeding 61,647 hectares within a prime exploration zone in Manitoba, Canada. The Company’s operational heart is centered around the True North mine and mill complex, which presents significant opportunities for further development.
With additional projects such as the Apex project and the Denton-Keefer project, situated in strategic locations across Manitoba and Ontario, 1911 Gold remains positioned for organic growth while pursuing developmental opportunities across North America.
The Company acknowledges its responsibility towards the local communities, particularly the Hollow Water First Nation, ensuring open and respectful communication as it builds collaborative relationships in the region.
Leadership and Contact Information
Shaun Heinrichs serves as President and CEO of 1911 Gold. He emphasizes the Company’s focus on creating sustainable growth while prioritizing shareholder interests.
For further inquiries, you can reach out to Shaun Heinrichs at:
Phone: (604) 674-1293
Email: sheinrichs@1911gold.com
Frequently Asked Questions
What is the purpose of the Upsized Offering?
The Upsized Offering is intended to generate funds to enhance 1911 Gold's operational capacity and advance its growth initiatives.
How much is the increased offering value?
The offering has been increased to a total of C$17 million.
Who are the agents involved in the offering?
Haywood Securities is the lead agent, assisted by Velocity Capital Partners.
What are the expected proceeds from the LIFE Offering?
The LIFE Offering is projected to contribute approximately C$10.2 million to the company's funds.
Where can investors find more information about the offering?
Investors can access detailed information through the Company's filed offering documents on SEDAR and their official website.
