Trillium Gold Mines Announces Closing of C$7.5 Million Brokered Private Placement – QNT Press Release

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VANCOUVER, British Columbia, March 02, 2022 (GLOBE NEWSWIRE) — Trillium Gold Mines Inc. (TSXV:TGM) (FRA:0702) (“Trillium Gold” or the “Company”) is pleased to announce the closing of its previously announced brokered private placement (the “Offering”) for gross proceeds of C$7,500,000. The Offering was upsized from its original gross proceeds of up to C$5,000,000 and includes the full proceeds of the Agent’s option. The Offering was led by Red Cloud Securities Inc. (the “Agent”) and is comprised of the sale of the following:

  • 3,753,586 units of the Company (each, a “Unit”) at a price of C$0.53 per Unit;
  • 4,036,220 flow-through units of the Company (each, a “FT Unit”) at a price of C$0.60 per FT Unit; and
  • 4,118,490 FT Units sold to charitable purchasers (each, a “Charity FT Unit”) at a price of C$0.75 per Charity FT Unit.

Each Unit consists of one common share of the Company (each a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each FT Unit and Charity FT Unit consists of one common share of the Company issued as a “flow-through share” within the meaning of the Income Tax Act (Canada), (each, a “FT Share”) and one half of one Warrant. Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.80 at any time on or before March 2, 2024.

Proceeds from the sale of FT Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act (Canada) and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not …

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