- February 9, 2021
- Posted by: sai@itcg.ca
- Category: Uncategorized
Sudbury, February 2, 2021 – Canadian Gold Miner Corp (“CGM”, or “the Company”) is pleased to announce that it has completed a financing by way of private placement, which closed on December 22, 2020.
CGM President & CEO Greg Collins commented, “As the second largest land holder in the prolific Kirkland Lake mining camp, Canadian Gold Miner enters 2021 with working capital of approximately $2 million. With the addition of key personnel to the exploration and corporate development team, together with the recently closed financing, the company is now well positioned to resume exploration activities at its flagship Lincoln-Nipissing property and move towards a public listing in H1 2021.”
Details of Financing
Pursuant to the Offering, 10,978,750 common shares were issued for proceeds of $878,300 of which approximately $331,300 was rolled over to settle outstanding debts to management and vendors. In addition, 14,361,700 flow through eligible common shares were issued for proceeds of $1,412,424. Finders fees paid in connection with the Offering totaled $31,585. Canadian Gold Miner’s capital structure now consists of 66,060,548 issued and outstanding shares or 71,120,148 on a fully diluted basis.
Use of Proceeds
CGM has engaged the services of CXS Ltd. to complete a line-cutting and IP survey program over its 4 Corners and Lafond area targets. The objective of the survey work is to further outline the scale of the identified gold systems in preparation for drilling. The survey once completed will cover approximately 95 line kilometers of cut grid.
About Canadian Gold Miner
Canadian Gold Miner Corp. is a Canadian private corporation that controls the 2nd largest property package in the Kirkland Lake Gold Camp. The Company’s primary focus is on advancing its South Kirkland Project which encompasses the Lincoln-Nipissing Shear Zone (LNSZ). Like the well-endowed Cadillac-Larder Lake Break, LNSZ is a major deep rooted structure that has similar host rocks, timing of mineralization and geochemistry with the gold mineralization identified along the main trend. Canadian Gold Miner has near complete control of this major shear zone (LNSZ). Additional information regarding the Company and its projects can be found at www.canadiangoldminer.com.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise. 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.
Further information is available at www.canadiangoldminer.com or by contacting:
Greg Collins
President and CEO
Canadian Gold Miner Corp.
Tel: (705) 872-6390