SolidusGold Inc. - Announces Closing of Private Placement
VANCOUVER, November 3, 2015 - SolidusGold Inc. (the "Company") (TSX VENTURE:SDC) is pleased to announce that it has completed the non-brokered private placement previously announced on September 18, 2015. The Company issued 952,381 common shares at a price of $0.0525 per share, raising gross proceeds of $50,000. The proceeds from the private placement will be used for general working capital.
Steven Khan, a director of the Company, purchased 190,476 shares, Rick Van Nieuwenhuyse, a director of the Company, purchased 571,429 shares and Raj Chowdhry, a director of the Company, purchased 190,476 shares under the private placement. Their participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to nor the consideration paid by such persons exceeded 25% of the Company's market capitalization. The shares issued in the private placement are subject to a four month hold period that expires on March 4, 2016.
The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.
For more information please email info@solidusau.com.
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.