Vancouver, British Columbia--(Newsfile Corp. - August 7, 2020) - Ethos Gold Corp. (TSXV: ECC) ("Ethos" or the "Company") announces its intention to carry out a non-brokered private placement to raise aggregate gross proceeds of up to C$2,100,000 (the "Offering"). The Offering will consist of up to 10,000,000 Units at a price of C$0.21 per Unit. Each Unit will comprise one common share (a "Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable at a price of $0.28 into one common share for a period of two years from the date of issuance. The Warrants will be subject to acceleration at the Company's discretion in the event its common shares trade on the TSX Venture Exchange on a volume weighted average price ("VWAP") basis of C$0.55 or more for a period of ten consecutive trading days. The Company anticipates that a single institutional buyer will subscribe for $1.5 million of the Offering.
Proceeds of this offering will be utilized on the Company's Iron Point project in Nevada and for general working capital. The Offering is subject to the acceptance of the TSX Venture Exchange, and securities issued in the Offering will be subject to a 4-month hold period. Finder's fees may be payable on all or a portion of the Offering.
Ethos Gold Corp.
Per: "Craig Roberts"
Craig Roberts, P.Eng., President & CEO
Neither the TSX Venture Exchange nor its 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.
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's plan to undertake the Offering, the size of the Offering and the contemplated use of the proceeds to further the exploration on the Company's Iron Point Project in Nevada or on other projects. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete the Offering and obtain the necessary approval of the TSX Venture Exchange, risks associated with the Company's ability to use the proceeds of the Offering as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.