January 13, 2023 - Vancouver, B.C.: Golden Age Exploration Ltd. (the “Company”) is pleased to announce that it has today completed its initial public offering (the “IPO”) of 3,000,000 common shares (the “Shares”) of the Company, at a price (the “IPO Price”) of $0.10 per Share, for total gross proceeds of $300,000. The Shares are approved to begin trading on the “mining” sector of the Canadian Securities Exchange (the “Exchange”) under the symbol GDN.
Research Capital Corporation (“Research”) acted as the Company’s agent for the IPO, pursuant to an agency agreement (the “Agency Agreement”) dated July 15, 2022. Pursuant to the Agency Agreement, the Company paid to Research (i) a cash commission of $30,000; (ii) a corporate finance fee of $22,500 plus GST, $10,000 of which was paid in 100,000 Shares; and (iii) agent’s warrants to purchase up to 300,000 Shares at the IPO Price until January 13, 2025. In addition, the Company has granted Research an overallotment option exercisable in whole or in part for 30 calendar days after closing to sell up to an additional 450,000 Shares at the IPO Price to cover over-allocation positions, if any.
The net proceeds from the IPO will be used to fund initial exploration of the Company’s Magic Property, a gold/silver prospect in central British Columbia, incur exploration expenditures pursuant to the option agreement (the “Option Agreement”) dated June 9, 2021, as amended August 27, 2021 and September 30, 2022 regarding the Magic Property, and for general operating purposes.
The Company’s shares were listed on the Exchange effective January 12, 2023 and trading is expected to commence at the opening of the market on Monday, January 16, 2023.
There are currently 10,300,001 common shares issued and outstanding (11,895,001 fully diluted assuming the over-allotment option is exercised in full).
About Golden Age Exploration Ltd.
Golden Age Exploration Ltd. is engaged in the business of acquisition, exploration and, if warranted, development of mineral resource properties. Pursuant to the Option Agreement, the Company has an option to acquire up to an 80% undivided interest in the mineral claims known as the Magic Property, located in central British Columbia.
For more information, please refer to the Company’s amended and restated prospectus dated October 17, 2022, available on SEDAR (www.sedar.com), under the Company’s profile or please contact:
Kevin Hanson
Chief Executive Officer
Tel: (604) 969-4070
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions based on information currently available to the Company including, but not limited to, the intended use of proceeds from the IPO and the expected commencement date for trading of the Company’s shares on the Exchange. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. See “Risk Factors” in the Company’s amended and restated prospectus dated October 17, 2022 available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by law.
This new 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.
