VANCOUVER, British Columbia, April 26, 2022 (GLOBE NEWSWIRE) — Hanstone Gold Corp. (TSXV: HANS) (FSE: HGO) (“Hanstone” or the “Company“) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”) under which Hanstone raised aggregate gross proceeds of $500,000.
The Offering consisted of the issuance of an aggregate of 2,000,000 “flow-through” units of the Company (the “FT Units”) at a price of $0.25 per FT Unit. Each FT Unit is comprised of one “flow-through” common share of the Company (a “FT Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire an additional common share (a “Warrant Share”, which will not be issued on a “flow-through” basis) at a price of $0.30 per Warrant Share until April 26, 2023.
In connection with closing, the Company paid finder’s fees of $1,750 and issued 7,000 non-transferable compensation options, each entitling the holder thereof to purchase one common share at an exercise price of $0.30 until April 26, 2024.
The securities issued under the Offering are subject to a four month hold period expiring August 27, 2022. There is no material fact or material change about the Company that has not been generally disclosed.
Insiders of the Company purchased an aggregate of 300,000 FT Units under the Offering, for gross proceeds of $75,000, which constituted a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). This participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of such participation does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
About Hanstone Gold
Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of British Columbia known as the Golden Triangle. The Golden Triangle is an area which hosts numerous producing and past-producing mines and several large deposits that are approaching potential development. The Company holds a 100% earn in option in the 1,704-hectare Doc Project and owns a 100% interest in the 3,336-hectare Snip North Project. Hanstone has a highly experienced team of industry professionals with a successful track record in the discovery of gold deposits and in developing mineral exploration projects through discovery to production.
Ray Marks, President and Chief Executive Officer
For Further Information Contact:
Or visit the Company’s website at www.hanstonegold.com
Cautionary Statement Regarding Forward Looking Information
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about Hanstone’s business and the industry and markets in which it operates and will operate. Forward-looking information and statements are made based upon numerous assumptions, including among others, the results of planned exploration activities are as anticipated, the price of gold, the cost of planned exploration activities, that financing will be available if needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct Hanstone’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.