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VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) -- Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the "Company” or “Gold’n Futures”) announces that the Company has closed a non-brokered private placement of flow-through units (the “FT Offering”) and non-flow-through units (the “NFT Offering”) (together, the FT Offering and NFT Offering are the “Private Placement”) for combined proceeds of $339,000.04 as set out below.
The Company has issued 2,238,462 units (the "FT Units") at a price of $0.065 per FT Unit for gross proceeds of $145,500. Each FT Unit consists of one transferable warrant (each a “Warrant”) that is exercisable to purchase one additional common share (each a “Common Share”) at a price of $0.10 for a period of two (2) years from closing. The Flow-Through Shares will qualify as flow-through shares for purposes of the Income Tax Act (Canada).
The gross proceeds of the FT Offering will be used to complete exploration and drilling activities on the Company’s Hercules Gold Project located in the Thunder Bay North Mining District of Ontario, and other Canadian Exploration Expenses that will qualify as "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act (Canada).
The Company has issued 3,518,182 non-flow-through units (the "Units") at a price of $0.055 per Unit for gross proceeds of $193,500. Each Unit consists of one Common Share in the capital of the Company and one transferable Warrant that is exercisable to purchase one additional Common Share at a price of $0.10 for a period of two (2) years from closing. The proceeds of the NFT Offering will be used for exploration and general corporate purposes.
In connection with the Private Placement, the Company has paid finder’s fee of $8,120.00 in cash, issued a total of 70,000 finder’s warrants (“Finder’s Warrants”). Each Finder’s Warrant is exercisable to acquire one additional Common Share at a price of $0.10 per Warrant for a period of two years from issuance.
All securities issued are subject to a statutory four month and one day hold period that will expire August 13, 2022.
The Company also announces that, subject to Canadian Securities Exchange approval and in accordance with the Company's stock option plan, the Company has granted a total of 3,900,000 options to directors, officers, employees and consultants of the Company. Each option is exercisable to purchase one Common Share of the Company at $0.05 per share for a period of 5 years from the date of issuance.
The Company also announces it has granted 2,000,000 restricted share units (“RSUs”) to certain executive officers and senior employees of the Company under the terms of the Company’s restricted share unit plan. Each RSU entitles the holder to one Common Share of the Company or a cash payment equal to the equivalent of one Common Share on vesting.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration company focused on advancing its Hercules Project. The Hercules Project is located 200 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhirst and Rickaby, within the Thunder Bay North Mining District. The Hercules Project is in the heart of the Beardmore – Geraldton gold mining camp, the 4th largest gold camp in Canada and is 40 km west of the Hardrock-Greenstone gold mine development. The Hercules Project lies within an Archean greenstone belt that extends from the Longlac area in the east to Lake Nipigon in the west, a distance of about 130 kilometres and consists of 475 contiguous claim cells (10,052 ha). From the historical work completed on the Hercules Project, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and a drill hole database that includes historical drilling totalling in the order of 537 holes with more than 107,000 m of drill core. With surface grab samples grading up 10,374 g/t gold and channel samples up to 32.96 g/t gold across 11.6 m, the Hercules gold zones offer top tier targets for the expansion of its historical resources.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
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Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.