Victoria, British Columbia--(Newsfile Corp. - February 14, 2025) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is arranging a non-brokered private placement financing with qualified investors of up to 16,000,000 units (the "Units") for maximum gross proceeds of $400,000 (the "Offering").
The Units will be priced at $0.025 and consist of one common share and one transferable share purchase warrant (the "Warrant") that will entitle the holder to purchase one additional common share of the Company at a price of $0.05 per share for two years from the closing date of the Offering.
If at any time after the date of issuance of the Warrant, the closing price of the Company's common shares on the TSX Venture Exchange is at or above $0.20 per share for a period of 10 consecutive trading days (the "Triggering Event"), the Company may, within 5 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event and all rights of holders of such Warrants shall be terminated without any compensation to such holder.
The Company expects it will use up to $200,000 of the proceeds of the Offering to fund work at its 100%-owned Slate Falls Gold-Silver Property and the remainder for general working capital purposes. Management estimates that not more than 10% of the proceeds will be used for investor relations expenses and not more than 20% of the proceeds will be used for payments to non-arm's length parties. Completion of this Offering is subject to TSX Venture Exchange acceptance.
About GoldON Resources Ltd.
GoldON is a mineral exploration company focused on discovery-stage properties. Our goal is to add value by defining or redefining the exploration opportunity, maintain ownership control during the value creation phase of discovery, and then source a well-financed partner capable of accelerating discovery, resource definition, and development.
For more information, you can visit our website at goldonresources.com, download our investor presentation here, and follow us on X at https://x.com/GoldONResources.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: info@goldonresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements
This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240917
SOURCE: GoldON Resources Ltd.
