On August 26, 2024, Advanced Gold Exploration Inc. (CSE: AUEX) announced the successful completion of its non-brokered private placement, as stated in the press release dated June 25, 2024. The company issued 8,200,000 flow-through units (FT Units) at a price of $0.025 per unit and 3,260,000 non-flow-through units (NFT Units) at the same price, resulting in total gross proceeds of $286,500.
The funds raised through this offering will be utilized for exploration activities on the Company’s Buck Lake property, which is a copper-zinc project. The FT Units consist of Common Shares issued on a flow-through basis (FT Share) and warrants to purchase Common Shares (FT Warrant). The NFT Units, on the other hand, include Common Shares and warrants to purchase additional Common Shares.
Certain members of the board and management, including Radovan Danilovsky and John Ross Quigley, participated in the financing. All securities issued through the Offering will be subject to a hold period and resale rules as per applicable securities legislation.
The Buck Lake property, situated in Ontario, covers a significant area with potential for various mineral deposits, including VMS, iron, and gold. The property has shown promising mineralization in previous exploratory activities, prompting further drilling and sampling.
James Atkinson M.Sc., P. Geo., a Qualified Person as defined by NI 43-101, has reviewed the geological information provided in the release. The Company intends to enhance the value of its mineral properties and mitigate exploration risk through strategic acquisitions and modern technology applications.
It is important to note that the forward-looking information contained in the news release is subject to risks and uncertainties that may affect the Company’s future performance. Readers are advised to refer to the Company’s regulatory filings for detailed information.
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