CPE Media News (11/21/2018) – Avidian Gold Corp. (TSX-V: AVG) has repriced previously announced non-brokered private placement and will issue units at new price of $0.35 per unit to raise gross proceeds of up to $1 million.
Avidian Gold also announced the election of Doug Kirwin to its board of directors at its Annual and Special Shareholders Meeting (AGM) held on November 15, 2018.
Kirwin, a self-employed geological consultant, currently serves as Chairman of Chakana Copper Corp. (since March 2017) and a director of Kenadyr Gold Corp (since March
2017). Kirwin previously served as EVP for Ivanhoe Mines Ltd. (formerly Indochina Goldfields Ltd.) from 1998 until 2012 when acquired by Rio Tinto Group.
photo credit: Avidian Gold
Avidian Gold Provides Update on Financing, Doug Kirwin Elected to Board of Directors
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, Ontario, November 21, 2018 – Avidian Gold Corp. (“Avidian” or the “Company”) (TSX-V:AVG) is pleased to provide an update on the previously announced private placement of units (the “Units”) announced in the Company’s news release dated October 22, 2018.
The Company is adjusting the terms of the financing so as to better reflect the current weakness in market conditions. The proposed non-brokered financing will be conducted by way of a private placement of Units at C$0.35 per Unit for gross proceeds of up to C$1,000,000 (the “Offering”). Each Unit will be comprised of one (1) common share of the Company (a “Common Share”) and one half of a transferable Common Share purchase warrant (a “Warrant”). Each full Warrant will entitle the holder thereof to acquire one Common Share at C$0.50 for a period of 24 months from the date of closing of the Offering, subject to an option of the Company to accelerate the expiry date of the Warrants, in the event that the Common Shares trade above $0.65 for twenty consecutive trading days on the TSX Venture Exchange by providing a notice to warrant holders. Upon receipt of such Warrant acceleration notice, Warrant holders will be able to exercise the Warrants within a 30-day period.
The net proceeds from the Offering shall be primarily used for advancing the Golden Zone gold-copper project in Alaska and for general corporate purposes.
The Offering is conditional upon receipt of required regulatory approvals, including the approval of the TSX Venture Exchange. The Common Shares and the Warrants issued pursuant to the Offering, as well as any compensation options issued to founders will be subject to a four month hold period in accordance with applicable Canadian securities laws.
Board Appointment and AGM Results
The Company is also pleased to announce the election of Mr. Doug Kirwin to the Company’s Board of Directors at its Annual and Special Shareholders Meeting (“Meeting”) held on November 15, 2018.
Mr. Kirwin is a geologist with more than 45 years of experience holding executive positions with Anglo American and Amax in the 1970s and then as Managing Director of an international mineral consultancy in the 1980s and 1990s.
In 1995, Doug joined Indochina Goldfields Ltd., which became Ivanhoe Mines Limited and stayed with the company until its acquisition by Rio Tinto Group in 2012.
As Executive Vice President of Ivanhoe Mines, Doug was a key member of the discovery team which found the world class Hugo Dummet deposit at Oyu Tolgoi in Mongolia and was a co-recipient of PDAC’s inaugural Thayer Lindsley Medal awarded for the most significant international mineral discovery in 2004.
Nick Tintor, President and CEO stated, “We are delighted to have a person of Doug’s stature and international reputation join the Avidian Gold board of Directors. Doug has already been extremely active working with management as an advisor and we all look forward to his increased involvement with our company.”
Mr. Kirwin has been granted 150,000 options which can be exercised to purchase a common share of the Company at $0.60 for a period of five years. The options will vest over a three-year period.
At the Meeting, shareholders of the Company also re-elected existing directors David Anderson, Dino Titaro, James Polson and Nick Tintor to the board. The shareholders of Avidian also approved an amended stock option plan, which has also received approval from the TSX–Venture Exchange.
About Avidian Gold Corp.
Avidian Gold brings a disciplined and veteran team of project managers together with a regional scale advanced stage gold-copper exploration portfolio in Alaska. Avidian’s Golden Zone project also hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au). Additional projects include Amanita which is adjacent to Kinross Gold’s Fort Knox gold mine in Alaska, Jungo and Dome Hill in Nevada and Strickland in Newfoundland.
Avidian Gold is focused on and committed to the development of advanced stage mineral projects throughout first world mining friendly jurisdictions using industry best practices combined with a strong social license from local communities. Avidian Gold has 56,160,756 shares issued and outstanding.
For further information, please contact:
Nick Tintor, President and CEO
Mobile: 416 953 4244
Office: 416 987 0855
The technical information contained in this news release has been approved by Dr. Tom Setterfield, P.Geo., Vice President Exploration of Avidian, who is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Neither 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 news release.
This news release does not constitute an offer of securities for sale in the United States. 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 absent U.S. registration or an applicable exemption from U.S. registration requirements.