SolGold (LSE and TSX code: SOLG) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Canaccord Genuity Corp. (collectively, the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 180,000,000 ordinary shares (the “Ordinary Shares”) of SolGold at a price of 25 pence (C$0.42) per Ordinary Share for aggregate gross proceeds of £45,000,000 (C$75,600,000) (the “Offering”).
The Company intends to use the net proceeds of the Offering for exploration and studies to advance its flagship Cascabel Project, selective regional exploration in Ecuador, working capital and general corporate purposes.
The Offering is expected to close on or about November 30, 2017 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the London Stock Exchange (the “LSE”) and the Toronto Stock Exchange (the “TSX”) and the applicable securities regulatory authorities. The Offering is being made by way of private placement in the United Kingdom, Canada and the United States. The securities issued in Canada under the Offering will be subject to a hold period expiring four months from the closing date of the Offering. The Offering is subject to final acceptance of the LSE and TSX.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
