StrikePoint Gold Announces Increase to Previously Announced Private Placement to $4 Million
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2021) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) is pleased to announce it has increased the size of the previously announced non-brokered private placement offering of units (the "Units") of the Company to $4,000,000 through the sale of 16,000,000 Units at a price of $0.25 per Unit.
Each Unit will comprise one flow through common share and one half of one common share purchase warrant. Each Warrant will entitle the holder to acquire an additional common share of the Company at an exercise price of $0.35 per share for a period of 18 months.
Eventus Capital Corp. has been appointed as a finder in connection with the offering. The Company may pay a cash finder's fee of 6 per cent and issue finders' warrants equal to 6 per cent of the gross proceeds raised from investors introduced to the Company by Eventus or such other finders as the Company determines.
The proceeds of the Placement will be utilized to fund the Company's exploration activities at both the Porter and Willoughby properties located in the Golden Triangle Northwest, B.C.
Directors and officers of the Company may acquire securities under the Placement, which participation would be considered to be a "related party transaction" as defined under the Multilateral Instrument 61-101 ("MI 61-101"). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSXV.
The Company reserves the right to increase the number of Units issued pursuant to the Placement to up to 20,000,000 Units for up to total gross proceeds of $5 million.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information please visit our website: www.strikepointgold.com
Willoughby Gold Project
Willoughby is located along the eastern margin of the Cambria Icefield, approximately seven kilometres east of the advanced-staged Red Mountain Deposit that was recently acquired by Ascot Resources from IDM Mining. The property is underlain by Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcano-sedimentary rocks that have been intruded by an early Jurassic-aged hornblende-feldspar porphyry, similar to and potentially comagmatic with the Goldslide Intrusive suite at Red Mountain. Intrusive-related mineralized zones consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite, native gold. Eight gold and silver mineralized zones have been identified to-date over a one-kilometre strike-length mineralization trend.
The Porter Project host two historically producing, silver-rich vein systems: the Silverado and Prosperity/Porter Idaho. They are located over two kilometers apart, outcropping on opposite sides of Mount Rainey, overlooking the town of Stewart. The Project is located strategically at the head of the Portland Canal, a deep-water port with year-round, ice-free access.
The initial discovery of silver mineralization on Mt. Rainey occurred in the early 1900s. Prosperity-Porter Idaho veins were the focus of the initial work. The mineralization consists of galena-tetrahedrite/tennantite-pyrite hosted in six parallel dipping shear zones, traced 200 meters on the surface and one kilometre down dip with widths between two and thirteen meters. Historic Company and government records document that high-grade silver ore was mined by the Premier Mining between 1929 and 1931 and produced 27,123 tonnes with recovered grades of 2,542 g/t silver (73.8 oz/ton) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). The ore was shipped to tidewater via an aerial tramway and direct shipped to smelters with no concentration required. These production records are historical in nature prior to NI43-101. StrikePoint has not independently verified the figures and they should not be relied upon.
The Qualified Person for this news release for National Instrument 43-101 is Marilyne Lacasse, P. Geo, technical Consultant. She has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced stage exploration assets in BC's Golden Triangle. The past-producing high-grade silver Porter Project and the high-grade gold property Willoughby, adjacent to Red Mountain deposit. The company also owns a portfolio of gold properties in the Yukon.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.
Chief Executive Officer and Director
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor it's Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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