VANCOUVER, British Columbia, July 25, 2017 (GLOBE NEWSWIRE) -- Trifecta Gold Ltd. (TSX-V:TG) (“Trifecta”) announces that it has raised $852,500 by way of private placement for exploration and general working capital. Trifecta also announces that it has received an expanded 10-year Class 3 Mining Land Use Approval for its road-accessible Trident property, allowing up to 300 diamond drill holes annually. A diamond drill and fuel is expected to be mobilized to the property by truck during the first week of August, with drilling anticipated to begin shortly thereafter. A crew is currently onsite conducting surface exploration at the Trident property.
The first tranche of the private placement, as increased and amended on July 18, 2017, was closed now to satisfy certain requirements of the TSX Venture Exchange and to allow Trifecta to spend flow-through dollars on the current exploration work and drill program. The first tranche closing consisted of the issuance of:
- 1,202,000 flow-through units at $0.25 per flow-through unit, for total consideration of $300,500; and
- 2,760,000 non-flow-through units at $0.20 per unit, for total consideration of $552,000.
Each flow-through unit consisted of one flow-through common share and one-half (1/2) of a non-flow-through share purchase warrant. Each non-flow-through unit consisted of one non-flow-through common share and one-half (1/2) of a non-flow-through share purchase warrant. Each full warrant from either the flow-through units or the non-flow-through units entitles the holder to purchase one non-flow-through common share at a price of $0.30 until July 21, 2018. In the event the closing price of Trifecta’s common shares as traded on the TSX Venture Exchange is equal to or greater than $0.35 for a period of ten (10) consecutive trading days subsequent to November 22, 2017, Trifecta may give notice of an early expiry of the warrants, in which case the warrants would expire thirty (30) calendar days from the giving of such notice.
Trifecta paid cash finders’ fees totaling $3,720 in connection with the first tranche closing, distributed among Haywood Securities Inc., Canaccord Genuity Corp. and PI Financial Corp., each of Vancouver, British Columbia.
All of the securities issued pursuant to the first tranche, including any shares issued pursuant to the exercise of any of the share purchase warrants disclosed herein, will be subject to a hold period expiring on November 22, 2017.
Trifecta anticipates a second tranche of the private placement will close by mid-August 2017.
About Trifecta Gold Ltd.
Trifecta is a Canadian precious metal exploration company dedicated to increasing shareholder value through the acquisition and development of attractive exploration projects in Canada and other mining-friendly jurisdictions.
