Norse Gold closes $1-million private placement

Executive Summary

• Norse Gold Corp. has closed its previously announced non-brokered private placement, raising $1 million in gross proceeds.
• The company has submitted final materials to the TSX Venture Exchange for the reactivation of its listing, which is expected to take effect on the second trading day after the TSX-V issues its final bulletin.
• Upon reactivation, Norse Gold will become a Tier 2 mining issuer, and its stock symbol will change to VKG, with shares delisting from the NEX board.

Key Details

• Financing Structure: The private placement consisted of 10 million units issued at a price of 10 cents per unit.
• Gross Proceeds: $1,000,000.
• Warrant Terms: Each unit includes one common share and one common share purchase warrant. Each whole warrant allows the holder to acquire one common share at an exercise price of 20 cents for a period of two years from the date of issuance.
• Hold Periods: Common shares and warrants are subject to a four-month statutory hold period, expiring on July 25, 2026.
• Use of Proceeds: Funds will be applied toward the payment of outstanding payables and for exploration work on the corporation's 3,231-hectare Yellowknife gold belt mineral property.
• Insider Participation: Four insiders participated in the financing, acquiring 1,995,000 units for a total of $199,500. This constitutes a related-party transaction under Multilateral Instrument 61-101, with exemptions from formal valuation and minority shareholder approval requirements relied upon.
• Listing Reactivation: The reactivation to the TSX-V is conditionally approved. Final filings have been submitted. Trading will resume under the symbol VKG on the TSX-V (Tier 2 mining issuer) following the issuance of the final bulletin by the TSX-V.
• Property Details: The primary asset is the 100%-owned Morris Lake property (3,231 hectares), located 75 km north of Yellowknife. Historic work includes over 15,000 meters of drilling across the Viking and Greenlee zones.

Notable Quotes

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