Leviathan Gold Secures Strategic Investment
VANCOUVER, British Columbia -- Leviathan Gold Ltd. (“Leviathan”, the “Company”) (LVX – TSXV, 0GP – Germany) is thrilled to announce the successful closure of its non-brokered private placement. Through this initiative, the Company has successfully issued 32,500,000 units, known as "Units", each priced at $0.10. The overall proceeds from this Offering stand at an impressive $3,250,000.
Structure of the Offering
Each Unit is comprised of one common share and a half of one common share purchase warrant, with complete warrants allowing the holder to purchase one common share for $0.15. This option is valid until April 10, 2027, providing a strategic window for capitalizing on growth.
The Role of Michael Gentile
Post-Offering, Michael Gentile will hold 5,250,000 common shares and 2,625,000 warrants, equating to 8.54% of the Company’s issued shares on a non-diluted basis and 12.29% on a partially diluted basis when considering his warrants. Mr. Gentile stands out in the junior mining sector, holding significant interests in over 20 mining and exploration firms.
He is also the co-founder of Bastion Asset Management—an asset management company established in early 2022, which has rapidly grown to oversee assets exceeding $500 million, primarily invested in small to mid-cap equities throughout the USA and Canada.
Forward-Looking Perspective
Luke Norman, Leviathan's President and Chief Executive Officer, expressed enthusiasm about Mr. Gentile’s involvement, remarking on his confidence in both the Company and its executive leadership. Mr. Norman highlighted the exciting prospects for the Company’s Fo?a project in Bosnia, which is characterized by rich mineralization and a favorable geological setting.
The Fo?a project is strategically positioned within a renowned metallogenic belt, often likened to the prominent Vareš project and the Trep?a mines complex in Kosovo. The early acquisition of prime ground in this district has enabled Leviathan to identify key targets like Vrela, where previous drilling revealed a remarkable average mineralized thickness of 15 metres, with historical assays signifying 13.25% Pb+Zn. Recent rock chip sampling has further highlighted the area's potential, revealing silver values peaking at 347 g/t along with substantial lead and zinc percentages.
Utilization of Proceeds
The proceeds from this private placement are primarily earmarked for exploration endeavors in both Australia and Bosnia, alongside routine operational funding. Additionally, the Company has allocated $29,800 in finder’s fees related to this Offering.
Insider Participation Details
Notably, certain directors and officers participated in the Offering, subscribing to 3,125,000 Units, which generated $312,500 in gross proceeds. This participation is considered a related party transaction under the relevant regulations but is exempt from formal evaluation requirements due to the proportion being under 25% of the Company’s market capitalization.
Michael Gentile’s Position and Intentions
Michael Gentile’s share acquisition is a significant signal of confidence in Leviathan. His investments are primarily for strategic purposes, and while he has outlined no immediate plans for alteration of his position, he may adjust his holdings as market conditions evolve.
This announcement comes with the expectation of receiving final approval from the TSX Venture Exchange. All securities involved are subject to a mandated hold period of four months plus one day from the issuance date, reinforcing security and investor trust.
About Leviathan Gold Ltd.
Leviathan Gold Ltd. stands as a notable player in the Canadian mineral exploration landscape. It is listed on both the TSX Venture Exchange and the Frankfurt exchanges, with the primary goal of advancing valuable mining projects.
For additional details, feel free to visit the Company’s website or reach out through the provided contacts.
Adam Ross, Investor Relations,
Direct: (604) 229-9445
Toll-Free: 1(833) 923-3334
Email: info@leviathangold.com
Frequently Asked Questions
What is the purpose of the recent private placement by Leviathan Gold?
The private placement aims to raise funds for exploration projects in Australia and Bosnia, as well as for general operational costs.
Who is Michael Gentile and what role does he play in Leviathan Gold?
Michael Gentile is a prominent strategic investor in the mining sector. He will help guide Leviathan’s growth through his substantial investment and industry experience.
What does the purchase of units entail for investors?
Each unit consists of a common share and a warrant, giving investors an opportunity to acquire more shares at a set price.
How will the investment impact Leviathan Gold’s projects?
The investment will enhance Leviathan’s ability to advance its mining projects, particularly the promising Fo?a project in Bosnia.
Where can investors find more information about Leviathan Gold?
Investors can visit Leviathan's official website or contact their investor relations for further inquiries.
