Upper Canada Gold Corporation completes acquisition and financing
- the acquisition of the rights held by Opawica Explorations Inc. in the Dingman gold property (the "Dingman Property") located in Hastings County near Madoc, Ontario in exchange for 46,979,007 pre- Consolidation common shares (11,744,752 post Consolidation shares) in the Corporation (the "Acquisition"); - the consolidation of the common shares of the Corporation on a 1 for 4 basis (the "Consolidation"); - the issuance by the Corporation of 11,250,000 units, being the maximum number approved by shareholders, in exchange for gross proceeds of $2,250,000, with each unit comprised of one post- consolidation common share of the Corporation and one-half of one warrant, with each whole warrant entitling the holder thereof to acquire one post-consolidation common share of the Corporation at any time within 24 months from the date of its issuance at an exercise price of $0.40 per post-consolidation common share (the "Financing").
Following completion of the Financing and the various transactions relating to the Acquisition the Corporation has 31,737,086 common shares outstanding.
Immediately following completion of the foregoing transactions and pursuant to a special resolution passed by shareholders on
The Corporation anticipates that its common shares will recommence trading on the TSX Venture Exchange under the symbol UCG in the near future.
UCG plans a 6,500m drill program to drill below the 250m base of the current NI 43-101 compliant resources. Gold has been intersected to greater than 600m depth. The focus of the program will be to add NI 43-101 compliant gold resources.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Upper Canada's future intentions, plans, objectives or goals, including words to the effect that Upper
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.
For further information: Michael Churchill, President and CEO, at (416) 678-0928
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