Highway 50 Gold closes $2.41-million private placement

Executive Summary

• Highway 50 Gold Corp. has completed an upsized non-brokered private placement, raising gross proceeds of $2,414,000.
• The company issued 6,035,000 units at a price of $0.40 per unit, with each unit comprising one common share and one common share purchase warrant.
• Proceeds are designated for a drill program at the Gold Knob project and general working capital, subject to final TSX Venture Exchange acceptance.

Key Details

• Gross Proceeds: $2,414,000
• Units Issued: Up to 6,035,000 units
• Purchase Price: $0.40 per unit
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms:
  • Each warrant entitles the holder to purchase one common share.
  • Exercise Price: $0.50 per warrant share.
  • Duration: One year from the closing date.
• Use of Proceeds:
  • Drill program at the company's Gold Knob project.
  • General working capital purposes.
• Regulatory Status: The offering remains subject to the final acceptance of the TSX Venture Exchange.
• Hold Period: Securities are subject to a four-month hold period in accordance with applicable securities laws and exchange rules.
• Finder's Fees: The company paid cash finders' fees and issued finders' warrants to certain arm's-length finders.
  • Finder's Warrant Terms: Entitles holder to purchase one common share at $0.50 per share for a period of one year from the closing date.

Notable Quotes

• None provided in the text.