Taurus Gold closes $6.11-million private placement

Executive Summary

• Taurus Gold Corp. has closed its non-brokered private placement of units, raising gross proceeds of $6,116,411.
• The company issued 122,328,220 units at $0.05 per unit, along with 300,000 shares issued for debt settlement purposes.
• The transaction required and received shareholder approval as the issuance represented greater than 100% of the previously outstanding common shares.

Key Details

• Gross Proceeds: $6,116,411 raised from the private placement.
• Units Issued: 122,328,220 units issued at a price of $0.05 per unit.
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Debt Settlement Shares: 300,000 shares issued at $0.05 per share to settle $60,000 in debt with an arm's-length party.
• Finder’s Fees:
  • Cash paid: $489,312.
  • Warrants issued: 9,786,257 finders' warrants.
  • Warrant Terms: Exercisable for three years from the closing date at an exercise price of $0.064 per common share.
• Regulatory Approval: Subject to receipt of all required regulatory approvals, including acceptance by the Canadian Securities Exchange (CSE).
• Shareholder Approval: Written approval received from greater than 50% of disinterested shareholders, as the issuance represented >100% of previously outstanding common shares.
• Hold Period: All securities (shares, warrants, and finders' warrants) are subject to a statutory hold period of four months and one day from the date of issuance.
• Insider Status: No new insiders or control persons were created as a result of the offering.

Notable Quotes

• None provided in the text.