GGX Gold Receives Initial Payments from Investment in Syndicate of Golden Triangle Properties - Video Available on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - August 16, 2017) - GGX Gold (TSXV: GGX) (OTC Pink: GGXXF) has received initial payments from its investment in a syndicate of Golden Triangle properties.
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In March 2017, Ardonblue Ventures optioned the Empire Project and the Midas Project, both in the Golden Triangle, from a syndicate, of which GGX Gold holds a 9% interest.
Today, GGX Gold announced it received its first payment, in the amount of $54,000 plus 1,476,000 units of Ardonblue, at a deemed price of $0.06, based on the market price in March. The unit included a full warrant exercisable at $0.08 for 60 months.
Flash forward 5 months, and Ardonblue is now trading at $0.40. At today's price, these units, which have a hold period until November 18th, have a market value in excess of $1 million. If Ardonblue continues to work on the properties, there is the potential for further payments over 10 years.
GGX Gold also received $27,000 plus 891,000 units from Goliath Resources, which is currently in the process of completing a reverse takeover with TSX Venture listed Bitumen Capital. This payment is for the option of another four syndicate properties.
GGX Gold is currently raising gross proceeds of up to $400,000 from the issuance of up to 2 million flow through units, priced at $0.20 per unit. Each unit consists of 1 share and 1 warrant, with each warrant exercisable to purchase an addition flow through share at $0.25 for 60 months, subject to an acceleration clause.
In addition to accredited investors, the offering is open to current shareholders. The company is also relying on other Securities Commission exemptions allowing non-accredited investors to purchase the private placement provided they have obtained advice from a registered investment dealer.
Proceeds will be used for continued exploration work on the Gold Drop Property, which may include additional drilling and trenching. The Gold Drop Property is located 40 kilometres from Grand Forks, British Columbia in the Greenwood District.
The drill program is targeting the C.O.D. Vein, a Dentonia/Jewel style gold and silver bearing quartz vein in the Gold Drop Southwest zone. Previous excavator trenching exposed 160 metres of the C.O.D. vein, which remained open in both directions.
The shares are trading at $0.20 and with 24.2 million shares outstanding, the company is capitalized at $4.8 million.
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Source: Newsfile Corp.