Gold’n Futures Closes Private Placement of “Flow Through” Units for Gross Proceeds of CAD$812,000
VANCOUVER, British Columbia, Dec. 30, 2022 (GLOBE NEWSWIRE) — Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the “Company” or “Gold’n Futures”) is pleased to announce that on December 30, 2022 it closed a non-brokered private placement of “flow‐through” units (“FT Units”), previously announced on October 6, 2022 (the “Private Placement”). The Company is issuing 16,240,000 FT Units, at a price of CAD$0.05 per FT Unit. Each FT Unit consists of one flow through common share that qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada) (each, a “FT Share”) and one whole common share purchase warrant (“Warrant”). Each Warrant is exercisable to acquire one common share of the Company at a price of CAD$0.075 for a 24‐month term.
In connection with the Private Placement, the Company paid finder’s fees of CAD$2,450 and issued 49,000 finder warrants (each a “Finder Warrant“). The Finder Warrant entitles the holder to purchase one common share of the Company at a price of CAD$0.075 until December 30, 2024.
The proceeds from the sale of FT Units will be used to fund “Canadian exploration expenses” (as defined in subsection 66.1(6) of the Income Tax Act (Canada)) related to Gold’n Futures Hercules Project located in northern Ontario, and the Company has agreed to renounce such “Canadian exploration expenses” effective no later than December 31, 2022.
All securities issued in connection with the Private Placement are subject to a statutory hold period in accordance with applicable Canadian securities legislation.
Gold’n Futures plans to advance the Hercules Project and to build on its successes to date by beginning the Company’s 2023 program with:
- Continuing to build a property-wide digital model incorporating all of the historical data and all of Gold’n Futures’ 2021 and 2022 mapping, geophysical surveys and diamond drilling; and,
- Sampling and assaying of newly recognized gold mineralization in existing historical core.
During the summer of 2023, the Company will be conducting field work that will include:
- structural mapping;
- ground geophysical surveys;
- targeted diamond drilling; and
- property-wide prospecting of new showings and recently defined targets.
The new exploration objectives for Gold’n Futures’ programs will facilitate its new gold resource block model and the expanded mineral resource calculation.
Qualified Person
The scientific and technical content of this press release has been prepared, reviewed, and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI43-101 regulations and is a director of the Company.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules is located 200 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhurst and Rickaby, within the Thunder Bay North Mining District. The Project is in the heart of the Beardmore – Geraldton gold mining camp, the 4th largest gold camp in Ontario and is 40 km west of the Greenstone gold mine. The Greenstone gold mine is being built by Equinox Gold Corp. and is expected to begin production of about 400,000 ounces per annum by 2024. The Hercules comprises 475 contiguous claim cells (10,052 ha). From historical work completed on the Property, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of recent and historical geophysical surveys; and a drill hole database that includes historical drilling totalling in the order of 570 holes. Surface showings have demonstrated very high-grade with grab samples grading up to 10,374 g/t gold and channel samples up to 32.96 g/t gold across 11.6 m. Similar results have been obtained in drilling. Gold’n Futures is set to begin the expansion Hercules gold zones that should offer top tier potential for the expansion of its gold resources.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board of Directors
For further information
Stephen Wilkinson,
President and CEO,
(236) 886-8808
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. Such forward looking statements relate to, but are not limited to: the Private Placement, the intentions of the Company to renounce the Canadian Exploration Expenses, the use of gross proceeds from the Private Placement, among others. The Company disclaims any intention or obligation to revise or update such statements.
