Goldcore Resources Ltd. – Private Placement 1st Tranche Closes
($1,108,300 Hard Dollars)
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
1st TRANCHE PRIVATE PLACEMENT CLOSES
Goldcore Resources Ltd. (“Goldcore” or “the Company”) (TSX-V: GEM) announces it has closed a 1st tranche of its private placement offering and has raised $1,108,300. 11,083,000 units (the “Units”) have been subscribed for at a price of $0.10 per Unit, each Unit consisting of one (1) common share and one warrant exerciseable for two years at $0.20. The term of the warrants issued may be accelerated by the Company in the event that the Company’s shares trade at or above $0.25 cents for a period of 10 consecutive days. In such case of accelerated warrants, the Company may give notice, in writing or by way of news release, to the holders that the warrants will expire 30 days from the date of providing such notice. . All securities will be subject to a four-month plus one day hold period expiring April 16, 2021.
Insiders have participated in the private placement as to 900,000 Units ($90,000). This participation constitutes a “related party transaction” within the meaning of Multilateral Instrument 61‐ 101 Protection of Minority Security Holders in Special Transactions (“MI 61‐101”), however it is exempt from the valuation and minority shareholder approval requirements of MI 61‐101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(a) of MI 61‐101, in that the fair market value of the shares purchased by the insiders does not exceed 25% of the Company’s market capitalization and the Company’s shares are listed on the TSX Venture Exchange.
The Company has agreed to pay cash commissions of $45,264, issue 136,000 compensation shares and 316,640 finder warrants.
Proceeds of the private placement will be used for working capital and continued exploration on the Company’s properties.
About the Company: Goldcore is engaged in exploration for the commodities that enable the modern revolution in essential technologies. These technologies are dependent upon the ethical mining and supply of naturally occurring elements and minerals that enhance the performance of energy storage systems and permit the development and miniaturization of new electronics and structural components for the new suite of innovative tools. The Company is led by a team with collectively over 200 years experience and whose members have been involved with the discovery of several producing mines.
On Behalf of the Board of Directors
Goldcore Resources Ltd.
‘Thomas Yingling’
President, CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
or 1-604-343-7740
info@goldcoreresources.com www.goldcoreresources.com
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect.
Neither 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.
