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Vancouver, British Columbia – October 17, 2024 – TheNewswire – Dixie Gold Inc. (TSX VENTURE: DG)(“Dixie Gold” or the “Corporation”) reports that it has closed a non-brokered common share unit financing (the "Financing") by way of the issuance of 1,000,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit consisted of one common share of the Corporation (a “Share”) and one transferrable common share purchase warrant (a “Warrant”) which entitles the holder of a Warrant, upon further payment to the Corporation, to acquire one additional common share of the Corporation (a “Warrant Share”) at an exercise price of $0.05 per Warrant Share on any date prior to the date which is 60 months following the closing date of the Financing (see also news releases by the Issuer dated August 22, 2024 and October 4, 2024, respectively).
Closing of the Financing occurred today, October 17, 2024, with the Corporation planning to use the proceeds of the Financing for working capital.
There were no finder’s fees paid by the Corporation in the Financing.
The Units issued under the Financing shall be subject to a four month and one day hold period pursuant to applicable securities laws of Canada. The Financing remains subject to receipt of final approval from the TSX Venture Exchange.
Subsequent to the Financing, the Corporation has 31,737,188 common shares issued and outstanding.
MI 61-101 Disclosure
One Insider (as that term is defined by securities regulations) of the Corporation participated in the Financing, on a direct basis, for a total of $50,000 in Units. The participation by such insider is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in 5.5(b) and 5.7(1)(b), respectively, of MI 61-101, as no securities of the Corporation are listed or quoted on the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a stock exchange outside of Canada and neither the fair market value of the Units to be acquired by the participating insider nor the consideration to be paid by such insider exceeds $2,500,000. The Corporation did not file a material change report more than 21 days before the expected closing of the Financing as the details of the participation therein by related parties of the Corporation were not settled until shortly prior to closing of the Financing and the Corporation wished to close on an expedited basis for sound business reasons.
About Dixie Gold Inc.
Dixie Gold Inc. (TSXV: DG) is a publicly traded exploration company holding a portfolio of exploration projects in Canada.
For more information, please visit www.dixiegold.ca
On Behalf of the Board of Directors
Nicholas Koo
Chief Financial Officer
Dixie Gold Inc.
T: 604.687.2038
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties, including but not limited to completion or closing of the Financing, if any, as may include but not limited to final approval from the TSX Venture Exchange. Actual results may differ materially from those currently expected or forecast in such statements.
Neither the 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.
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