Gold Line Resources announces the closing of a private placement of over C $ 1.34 million
Vancouver, BC, Canada – October 1, 2021 – Gold Line Resources Ltd. (TSX-V: GLDL, Frankfurt: 4UZ, WKN: A2QGWC, OTCQB: TLLZF) (“Golden line“or the”Society“) closed its previously announced non-brokered private placement (the”Private placement“), pursuant to which the Company issued a total of 11,200,000 (up from the 10,833,334 previously announced) (the” “Units“) at a price of $ 0.12 per Unit for total gross proceeds of $ 1,344,000.
Each unit consists of one (1) common share (each, a “Unit share“) and one (1) common share purchase warrant (each, a”To guarantee“), each warrant entitling its holder to purchase one additional common share (each, a”Warrant share“) at a price of $ 0.18 per warrant share at any time on or before October 1, 2023. The warrants are subject to an acceleration right which allows the Company to give notice of a previous expiration date if the closing price of the Company’s share on the TSX Venture Exchange is equal to or greater than $ 0.32 for a period of ten (10) consecutive trading days (the “Acceleration to the right“).
The Company paid a 6% cash intermediation commission on the gross proceeds of the Private Placement of subscribers introduced by certain finders, and issued a total of 285,180 intermediation warrants (“Researcher’s mandates“). Each Inventor’s Warrant authorizes its holder to purchase one common share of the Company (a”Research mandate Share“) at a price of $ 0.18 per subscription share of the Inventor at any time on or before October 1, 2023, subject to the right of acceleration. All securities issued under the private placement are subject to a holding period of four months and one day, which will expire on February 2, 2022.
Gold Line intends to use the proceeds of the private placement to advance drilling and exploration activities and for general working capital purposes.
Two insiders of the Company participated in the private placement and acquired a total of 520,000 units. The purchase constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101The issues are exempt from the formal valuation and minority shareholder approval requirements of NI 61-101, as they are cash distributions of securities and the fair market value of units issued to insiders, and the consideration paid by them does not exceed 25% of the market capitalization of the Company.
The Company did not file a material change report more than 21 days before the planned closing of the Private Placement because the details of the insider involvement of the Company were not settled until shortly before the planned closing of the Placement. private and The company wanted to close quickly for business reasons.
About Gold Line Resources Ltd.
Gold Line Resources is focused on acquiring mining properties with exceptional exploration potential in the most prolific gold regions of Fennoscandia. Gold Line works in one of the world’s leading mining jurisdictions and emerging exploration frontiers due to its high mineral endowment, stable land tenure, simple permits, favorable tax regime and favorable geopolitical landscape.
Gold Line currently has a potential portfolio of five gold exploration projects in Sweden: one project is in the Skelleftea belt of north-central Sweden and four projects, including the Långtjärn property, are located in the Gold Line mineral belt of Sweden. north-central Sweden. The projects are located on a 200 kilometer Proterozoic greenstone sedimentary belt that hosts several gold showings and deposits.
On behalf of the Board of Directors of Gold Line Resources,
CEO and director
For more information:
Email: [email protected]
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.
Caution Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements”. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Gold Line’s actual results, performance or achievements or developments to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are statements which are not historical fact and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”. , “Believes”, “potential” and similar expressions, or that events or conditions “will”, “would”, “could”, “could” or “should” occur.
The forward-looking statements contained in this press release include, among other things, the use of the product, Gold Line’s exploration and development plans and other statements which are not historical facts. Forward-looking statements are based on Gold Line’s current beliefs and assumptions about the outcome and timing of future events, including, but not limited to, that the use of proceeds will be used as intended; that exploration and development activities will be completed as planned and that the results of exploration and development activities will be as expected. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other future events, to be materially different from results, performances. or future achievements expressed or implied by these forward-looking statements. These factors and risks include, among others: that exploration and development activities will not be completed as planned; that the use of the product will have to be reallocated; the results of exploration and development activities will not be as expected; Gold Line may need additional funding from time to time in order to continue operations which may not be available when needed or on acceptable terms; compliance with extensive government regulations; domestic and foreign laws and regulations could adversely affect Gold Line’s business and operating results; the stock markets have experienced volatility that has often not been linked to the performance of companies and these fluctuations can negatively affect the price of Gold Line’s securities, regardless of its operational performance; and the impact of COVID-19. The forward-looking statements contained in this press release represent Gold Line’s expectations as of the date of this press release and, therefore, are subject to change after this date. Readers should not place undue importance on forward-looking information and should not rely on such information as of any other date. Gold Line assumes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.