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GFG terminates oversubscribed private placement loans, The Canadian Business Journal

Not intended for distribution within the United States or through US newswires

SASKATOON, Saskatchewan, October 6, 2022 (GLOBE NEWSWIRE) — GFG Resources Co., Ltd. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or “Company”) provides oversubscribed private placement loans (“Recruitment”) (see news release dated August 30, 2022 When October 5, 2022) total amount of $2,051,743 CAD. As part of the offering, GFG will invest in its strategic investor Alamos Gold Inc. (TSX: AGI; NYSE: AGI) (“Alamos”)entered the offering on a pro rata basis.

GFG President and CEO Brian Skanderbeg said: “The support of Alamos, long-term shareholders and insider participation is a testament to our confidence in our assets, the quality of our team and our ability to outline the next Timmins gold deposit. We will focus on advancing the project and testing multiple targets for new discoveries within our district-wide Gold Arm property.”

Pursuant to the offering, GFG has (i) issued 7,200,909 Units of the Company; (“unit”) Priced at CAD 0.11 per unit, the total revenue is CAD 792,100. (ii) 4,627,153 shares of common stock of the Company; income tax law (Canada) (“FT Shares”) At $0.13 CAD per 1 FT share, total earnings of $601,530 CAD. (iii) our 4,183,810 Premium Units; (“Premium Unit”) Pricing is $0.1573 CAD per premium unit for a total of $658,113 CAD.

Gross proceeds from the sale of FT shares and premium FT units are used for exploration activities in Ontario and qualify as “Canadian Exploration Expenditures” ( Income Tax Law (Canada)). The net proceeds from the sale of the Units and the exercise of the warrants, including the Units and Premium Units, will be used for exploration activities and general working capital purposes for the Company’s projects in Ontario. .

Each unit consists of one share of our common stock (not a “flow-through share”) and one-half of one Stock Purchase Warrant, each full Stock Purchase Warrant (a “warrant”) gives holders the right to acquire one additional share of our common stock (not “flow-through stock”) at an exercise price of $0.17 CAD for a period of 24 months from the date of issuance. Each premium unit consists of one half of his FT shares and one warrant. Even during the Warrant Exercise Period, if the closing price of the Company’s common stock remains at $0.26 or higher for 10 consecutive days after the resale restriction on the subject common stock expires, GFG will issue a news release. We reserve the right to accelerate the expiry date of the warrants by notifying the holders of the warrants that the warrants will expire on a date 30 days after the issuance of such news release.

Related party transactions
In connection with this offering, the following officers and directors of the Company (collectively, “insider”), Brian Skanderbeg (President, CEO, Director), Richard Johnson (CFO, Corporate Secretary), Patrick Downey (Chairman), Brian Booth (Director) and Arnold Klassen (Director) purchased a total of 100,000 units and 685,692. FT stock. Insider participation in offerings is governed by Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions (“MI61-101”). The Company also relies on an exemption from minority shareholder approval requirements under MI 61-101. This is because the fair market value of an insider’s participation in an offering does not exceed his 25% of our market capitalization.

Securities issued in the offering are subject to a hold period and may not be traded until February 7, 2023, except as permitted by applicable securities laws and TSX Venture Exchange’s rules and policies.

In connection with the offering, the Company paid a cash retrieval fee totaling $45,408 for a portion of the offering.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor does the sale of these securities prior to registration or entitlement be made in any jurisdiction where such offer, solicitation or sale is unlawful. is not performed on the securities laws of its jurisdiction; This security has not been and will not be registered under the US Securities Act of 1933, as amended (the “US Securities Act”) or any state securities laws. available from such registrations.

About GFG Resources
GFG is a North American precious metals exploration company focused on district-scale gold projects in the Tier 1 mining jurisdictions of Ontario and Wyoming. In Ontario, the Company operates three gold projects, each a large and highly promising gold asset located within the rich gold district of Timmins, Ontario, Canada. These projects have similar geological settings that host most of the gold deposits found at Timmins Gold Camp, which produced over 70 million ounces of gold. The company also owns his 100% of the Rattlesnake Hills Gold Project, a district-scale gold exploration project located approximately 100 km southwest of Casper, Wyoming, USA. The company’s Rattlesnake Hills Gold Project uses technology that could revolutionize the gold mining industry.

For more information, please contact:

GFG Resources Co., Ltd..
Brian Skanderbeg, President and CEO
Marc Lepage, Vice President of Business Development
Phone: (306) 931-0930
Email: [email protected]
Website: www.gfgresources.com

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Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements
All statements other than statements of historical fact contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking information” within the meaning of the Private Securities Litigation Reform Act. constitutes “forward-looking statements”. 1995 (referred to herein as “forward-looking statements”). Forward-looking statements include disclosures regarding the completion of the offering and gross proceeds that may be raised accordingly, the receipt of all applicable regulatory approvals, the future nature of our property rights, exploration plans and Expected information, including but not limited to: Results, conditions or financial performance based on assumptions about future economic conditions and courses of action. Planned use and execution of revenues, expenses and budgets. In general, these forward-looking statements are statements such as “plans,” “expects,” “does not expect,” “anticipates,” “budgets,” “plans,” “estimates,” Identifiable by the use of perspective terminology. , “anticipate”, “intend”, “anticipate”, “unexpect” or “believe” or any negative connotation thereof or variations of such words or phrases or any particular action, event, or the result “could”, “could”, “could”, “could” ‘, ‘occurs’, ‘achieved’ or any negative connotation thereof.

All forward-looking statements are based on various assumptions, including, but not limited to, management’s expectations and beliefs and obtaining applicable regulatory approvals. the availability of financing, the anticipated long-term price of gold, the ability to meet current exploration and other objectives related to the mineral project, and the expected progress of other corporate activities; Maintaining or improving the current price and demand for gold. prices of gold and other metals, economic and political conditions and continuity of operations; The future prospects of our assets, the availability of funding, and general business and economic conditions will not change materially adversely;

Forward-looking statements involve known and unknown risks, uncertainties and may cause GFG’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. subject to other factors that may affect including but not limited to: the risks and uncertainties associated with the completion of the currently proposed offering or the inability to obtain all applicable regulatory approvals; Actual results of current exploration activities. environmental risks; future prices of gold; operational risks; mining accidents, labor problems, and other risks. Delays in government approval or funding. and other risks and uncertainties. These risks and uncertainties are not exhaustive and should not be construed as exhaustive.

GFG has attempted to identify important factors that could cause its actual results to differ materially from those contained in the forward-looking statements, but we do not recognize any factors that could cause results to differ from those anticipated, estimated or intended. There may be other factors that There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those anticipated by such statements. The statements are provided solely to provide information regarding management’s current expectations and plans and to assist investors and others in better understanding the Company’s operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.

The forward-looking statements in this news release are made as of the date of this release, and GFG undertakes no obligation to update any forward-looking statements, except as required by applicable law. shall not be held liable.

CBJ Newsmaker

GFG terminates oversubscribed private placement loans, The Canadian Business Journal

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