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United Gold Corp Closes Second Tranche of Private Placement
Vancouver, British Columbia – January 21, 2021 – United Gold Mining is pleased to announce that it has closed the second tranche of a private placement. The closing of the second
tranche of the offering is subject to all required regulatory approvals.
The Company has issued 600,800 Units at a price of $0.25 for total gross proceeds of $150,200 in connection with the second tranche. Each unit is composed of one common share (a “Share”) and one share purchase warrant (a “Warrant”). Each whole Warrant is exercisable into one (1) Share (a “Warrant Share”) at a price of $0.40 for a period of two (2) years from the date of issuance.
In connection with the second tranche, the Company issued 31,000 finders’ warrants (a “Finders’ Warrant) and paid a cash fee of $7,750 to certain finders. Each Finders’ Warrant is exercisable at a price of $0.40 for a period of two (2) years from the date of issuance.
All securities issued will be subject to a four-month statutory hold period.
The Company intends to use the funds to advance the exploration of its property.
About United Gold Mining.
United Gold Mining is a mineral exploration and development company in the business of acquiring, exploring, and developing natural resource properties, with a focus in Guyana, SA. The company currently has 100% interest in two gold properties located in Guyana.
Forward-Looking Information
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, “anticipates”, “expects”, “is expected”, “intends”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Forward-looking statements include those relating to the acquisition by United Gold of all of the Properties and the corresponding issuance of the Consideration Shares, the satisfaction of necessary terms and conditions of the Definitive Agreement to complete the Acquisition, and the ownership of the Properties via power of attorney.
Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, including assumptions related to the ability of both companies to successfully complete all the conditions precedent under the Definitive Agreement and the companies receiving all necessary future approvals and permits. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, undue reliance should not be placed on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements. Except as required by law, United Gold undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE nor its market regulator does not accept responsibility for the adequacy or accuracy of this news release. The CSE has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release
An interesting opportunity currently presents itself in Guyana. The state in the north of South America on the Atlantic coast borders Brazil to the south and west, Venezuela to the northwest and Suriname to the east. Covered by dense rainforest and with a passion for cricket and calypso music, the English-speaking country has close cultural ties to the Caribbean. In addition, the area has a wealth of mineral resources. The country has one of the world’s largest deposits of bauxite, its most important export product. Moreover, besides diamonds, there is also a high mineralization of gold. In the past, gold exports accounted for more than 30% of total export volume.
The geological structures are similar to those of the West African continent, which is why global industry giants such as Newmont, Reunion, Troy, Omai Gold and G2 Goldfields have set up their tents in Guyana. Junior mining company United Gold has thrown its hat into the ring with two promising projects. The Tassawini gold project, where United Gold holds a 100% option to buy, has a historical resource estimate of 499,000 ounces. Already EUR 23.91 million has been spent on exploration by management, which brings decades of experience in the Guiana Shield. Mineralization at this project is open in several directions, so the area has already been expanded to 1381 hectares.
Mining licenses are already in place, and the current year will see a significant expansion of the exploration program. In addition to obtaining an environmental impact statement, United Gold plans to publish a PEA study, a preliminary economic analysis. In order to fund this, the first tranche of a private placement was recently completed. The Company issued 2,841,000 units at a price of CAD 0.25 for total gross proceeds of CAD 710,250.00. The Company’s market value, also listed in Frankfurt, currently stands at EUR 10.97 million. ……. Link to original article
