Compass Gold closes $700,000 private placement

Executive Summary

• Compass Gold Corp. completed a non‑brokered private placement of 4,666,667 units at $0.15 per unit, raising $700,000 in gross proceeds (exceeding prior commitments by $100,000).
• Proceeds will fund the development and initial execution of the company’s small‑mine strategy at Massala and general corporate purposes.
• The offering included finder’s fees of $4,200 (cash) plus 121,333 common shares, and insider participation of 273,335 units for $41,000 under exempt MI 61‑101 provisions.

Key Details

• Units Issued: 4,666,667 units @ $0.15 each → $700,000 gross proceeds.
• Unit Composition: Each unit = 1 common share + ½ warrant; warrants allow purchase of one additional common share at $0.20 for two years from issuance.
• Use of Proceeds: Finance continuing development and initial execution of the small‑mine strategy at Massala; general corporate purposes.
• Finder’s Fees: 7.0 % of gross proceeds → $4,200 cash + 121,333 common shares (valued at $0.15 per share).
• Insider Participation: Insiders purchased 273,335 units for $41,000; treated as a related‑party transaction exempt from MI 61‑101 valuation and minority approval thresholds.
• Regulatory Compliance: No material change report filed within 21 days due to timing of finalization; deemed reasonable under circumstances.
• Holding Period: All securities subject to a hold period expiring four months and one day after issuance.
• TSX‑V Acceptance: Offering remains pending final acceptance by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)