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Marathon Gold Announces Completion of C$150 Million Purchase Funding, The Canadian Business Journal

Not intended for distribution to US Newswire services or for distribution within the US

TORONTO, September 20, 2022 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or “we”, TSX: MOZ) is pleased to announce that it has closed its previously announced bid deal prospectus ( “Recruitment”) of 136,364,000 units ( “unit”) can generate a total gross revenue of $150 million 400 at a price of $1.10 per unit. The offering was co-led by sole bookrunners Canaccord Genuity Corp., National Bank Financial Inc., and RBC Dominion Securities Inc., with underwriters including Desjardins Securities Inc., Scotia Capital Inc., and CIBC World Markets. Conducted by a syndicate. Inc., Sprott Capital Partners LP, TD Securities Inc., Raymond James Ltd. (collectively, “Underwriter”).

The net proceeds of the sale will be used to partially finance the construction of our Valentine Gold project, working capital and general corporate purposes.

Each unit consists of one share of our common stock (a “Unit share”) and one-half of one Common Stock Purchase Warrant (each entire Common Stock Purchase Warrant, “warrant”). Each Warrant holder may acquire one share of the Company’s common stock subject to Acceleration Rights (as defined herein) for a period of 24 months from the Closing Date (as defined herein) at a price of $1.35. If, at any time after the closing date, the daily volume-weighted average trading price of our common stock on the Toronto Stock Exchange exceeds $1.75 per share of our common stock on the preceding 10 consecutive trading days, we will shall have ( “Acceleration right”) the expiry date of the warrant as the date ( “New expiry date”) is 30 days from the date of early notice to Warrant Holders and Warrant Agents, provided that the new expiration date is no later than June 30, 2023.

We will provide the underwriters with up to 20,454,600 units (or a combination of unit shares and/or warrants at their respective component prices) at $1.10 per unit to cover any over-allotment and for the market. given the option to purchase additional 30 days after the closing date of the offering ( “Closing date”).

The securities offered pursuant to the offering have not been registered and will not be registered under the United States Securities Act of 1993, as amended. “U.S. Securities Law”) or under the securities laws of any U.S. state and unless there is an applicable exemption from registration or the registration requirements of the U.S. securities laws, in the United States or on behalf of a U.S. person or for the account or benefit thereof; It cannot be offered or sold. US state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor does it constitute a sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About the marathon

Marathon (TSX: MOZ) is a Toronto-based gold company driving the 100% owned Valentine gold project located in the central region of Newfoundland and Labrador, the world’s leading mining regions. The project consists of a series of five of his deposits along a 20-kilometer system. A feasibility study in April 2021 outlined surface mining and conventional milling operations over a 13-year mining life with an after-tax rate of return of 31.5%. The project estimated a Proven Mineral Reserve of 1.40 Moz (29.68 Mt at 1.46 g/t) and an Inferred Mineral Reserve of 0.65 Moz (17.38 Mt at 1.17 g/t). See Marathon’s Annual Information Form for the year ended December 31, 2021 and other documents relating to details and assumptions regarding the Valentine Gold Project prepared by the Canadian securities regulators and available at www.sedar.com. Please look.

For more information, please contact:

For more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, address events, results, outcomes or developments that the Marathon anticipates to occur and are forward-looking statements. Forward-looking statements include statements that are forward-looking in nature, statements that rely on or refer to future events or circumstances, or statements that “expect,” “forecast,” “plan,” “believe,” Contains statements containing words such as “will” and “consider”. , “intend”, “goal”, or their negative forms and other similar expressions, or “could”, “will”, “should”, “could”, “could” Future verbs or conditional verbs, such as “to be”. The Company provides forward-looking statements for the purpose of communicating information about the Company’s current expectations and plans for the future, and readers are advised that such statements may not be appropriate for other purposes. be careful. More specifically, without limitation, this news release contains forward-looking statements and information. Among other things, it contains information about the use of earnings from offerings, FS and the results therefrom (including IRR, NPV5%, Capex, FCF, AISC and other financials). indicators), realization of mineral reserves and mineral resource estimates, future financial or operational performance of the company and projects, capital and operating expenses, obtaining all relevant governmental approvals, permits and third party consents Company Capabilities Our exploration, development and commercial activities; the potential impact of COVID-19 on us; future exploration and mine plans; Marathon objectives and expectations and corporate plans; future environmental impact statements; A statement about team expectations.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions that may cause actual results and future events to differ materially from those expressed or implied by such statements. There is a possibility. Therefore, you are cautioned not to place undue reliance on forward-looking statements. With respect to forward-looking statements regarding the interpretation of exploration results and the impact of the project on mineral resource estimates, the Company provides such statements based on certain assumptions that it currently believes to be reasonable. Mineralization between drill holes. Mineral resources classified as ‘probable’ or ‘indicative’ have significant uncertainties regarding their existence and economic and legal feasibility. It cannot be assumed that any or part of the “Indicated Mineral Resources” or “Inferred Mineral Resources” will be upgraded to higher category Mineral Resources. Investors are cautioned not to assume that all or part of these categories of mineral deposits will be converted into proven potential mineral reserves.

By its nature, this information is subject to inherent risks and uncertainties, either general or specific, and any expectations, projections, projections, predictions or conclusions may not prove to be accurate, or assumptions may be incorrect. and its objectives, strategic goals and priorities will not be met. Factors that could cause future results or events to differ materially from current expectations expressed or implied by forward-looking statements include interpretation of drilling results, geology, grade and continuity of deposits, and economics. It includes the risks and uncertainties associated with the assessment conclusions. uncertainties regarding Mineral Resource estimates; inaccurate geological and metallurgical assumptions (including those relating to Mineral Resource size, grade and recoverability); due to changes in logistics, technology or other factors; potential delays or changes in plans for exploration or development projects or capital expenditures, or completion of feasibility studies; the possibility that future exploration, development, construction or mining results will not meet our expectations; risks associated with the ability of current exploration programs to identify and expand mineral resources; Change project parameters for Mining and development risks during operations, including risks associated with accidents, equipment failures, labor disputes (including work stoppages and strikes), or other unforeseen difficulties or interruptions in exploration and development. the uncertainties inherent in production and cost estimates and the risks associated with the possibility of unexpected costs and expenses; risks associated with commodity and power prices, foreign exchange rate fluctuations and interest rate fluctuations; Uncertainty in profitability based on the cyclical nature of the mining industry. risks associated with the inability to obtain adequate funding on a timely basis and on acceptable terms, or the approval of governmental or other interested parties, or the delay in completing development or construction activities; Risks associated with environmental regulation and liability, government regulation and permits. risks associated with our ability to attract and retain skilled staff; risks associated with the timing of receipt of regulatory and governmental approvals for ongoing operations and future development projects; Political and regulatory risks associated with mining and exploration. risks associated with the potential impact of the COVID-19 pandemic on our company and the mining industry; changes in general economic or financial market conditions; Other risks described in Marathon’s filings with Canadian securities regulators, including its Annual Information Form for the year ended December 31, 2021.

Further information regarding these and other risks can be found in Marathon’s Annual Information Form for the year ended December 31, 2021 and other filings with Canadian securities regulators available at www.sedar.com. In can be confirmed. Except as otherwise required by law, Marathon does not make forward-looking statements, whether as a result of new information, to reflect events or circumstances after the date they were made, or to make unanticipated statements. We undertake no obligation to update any forward-looking statements to reflect the occurrence of events. , and other future events or outcomes.

Neither the Toronto Stock Exchange nor its regulatory service providers (as that term is defined in the Toronto Stock Exchange Policy) assumes responsibility for the adequacy or accuracy of this release.


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Marathon Gold Announces Completion of C$150 Million Purchase Funding, The Canadian Business Journal

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