Total
0
Shares
Tudor Gold - Eric Sprott.
Eric Sprott.
Source: Bloomberg.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Tudor Gold (TUD) has closed its C$15 million private placement with participation from Eric Sprott
  • The company will use the proceeds for ongoing exploration, working capital requirements and other general corporate purposes
  • The gross proceeds from flow-through shares will be used for flow-through mining expenditures on its flagship Treaty Creek Property
  • Sprott acquired 952,200 common shares pursuant to the offering and now owns 16.2 per cent of the company on a fully diluted basis
  • Tudor Gold is a precious and base metal exploration and development company with properties in British Columbia’s Golden Triangle
  • Tudor Gold (TUD) is down by 4.72 per cent and is currently trading at $2.02 per share

Tudor Gold (TUD) has closed its C$15 million private placement with participation from Eric Sprott.

The company sold 2,250,600 common shares priced at $2.10 per share, as well as 4,109,496 common shares – which will qualify as flow-through shares as described in the Income Tax Act (Canada) – at a price of $2.50 per flow-through share.

The company will use the proceeds for ongoing exploration, working capital requirements and other general corporate purposes.

The gross proceeds from flow-through shares will be used for eligible Canadian exploration expenses (CEE) qualified as flow-through mining expenditures on its flagship Treaty Creek Property.

The company will incur the CEE on or before December 31, 2022, and renounce them to flow-through shareholders no later than December 31, 2021.

Sprott – through 2176423 Ontario Ltd. – acquired 952,200 common shares pursuant to the offering. He now owns 17.6 per cent of the company on a non-diluted basis and 16.2 per cent on a fully diluted basis.

As a Tudor insider, Sprott’s participation is a related-party transaction under the policies of the TSXV and Multilateral Instrument 61-101: Protection of Minority Security Holders in Special Transactions. 

Research Capital Corporation served as lead agent and sole bookrunner on behalf of a syndicate, which included Canaccord Genuity and Red Cloud Securities.

Tudor Gold is a precious and base metal exploration and development company with properties in British Columbia’s Golden Triangle.

Tudor Gold (TUD) is down by 4.72 per cent and is currently trading at $2.02 per share as of 12:31 pm ET.

More From The Market Herald

" GoldHaven Resources (CSE:GOH) closes private placements

GoldHaven (GOH) has closed its private placements for aggregate proceeds of $1,762,803.

" Sherpa II Holdings Corp. (TSXV:SHRP) closes private placement

Sherpa (SHRP) has closed its previously announced non-brokered private placement for aggregate gross proceeds of $470,000.

" PNG Copper Inc. (CSE:PNGC) issues corporate updates

PNG Copper (PNGC) has filed its financial statements and MD&A for Q3.

" Pershimex (TSXV:PRO) begins drilling on the Villebon Property

Pershimex Resources Corporation (PRO) has begun a new drilling campaign on its Villebon Property in Quebec.