Providence Gold Announces Non-Brokered Private Placement of up to $1,300,000 First Tranche of $83,125 Closed
VANCOUVER, Dec. 22, 2021 - Providence Gold Mining Inc. ("Providence" or the "Company") (TSXV:PHD) US (OTC:PRRVF) (FRANKFURT:7RH1-F) is pleased to announce further to its December 2, 2021 news release announcing a non-brokered private placement unit offering (the "Private Placement") of up to 18,571,500 units of the Company at a price of $0.07 per ordinary share attached with a one year warrant at an exercise price of $0.15 to raise total gross proceeds of the issue of $1,300,000. The Company anticipates completing the offering in the New Year and has closed the first tranche of $83,125 for an aggregate amount of 1,187,500 units. Certain insiders of the Company have already participated in the amount of 830,000 units under the Private Placement.
Finders' fees may be payable in connection with the offering and those qualified persons involved as finders will receive a cash fee of up to 7% cash and 7% brokers warrants of the proceeds raised.
Closing of the Private Placement is subject to all necessary regulatory approvals including acceptance from the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company now plans a 4,000 meter near surface core drill program designed to evaluate the significant gold potential between and beneath each of the numerous historical high-grade gold producers within the Providence Group of Gold Mines and in further to confirming and ratifying results of other investigative results including the recent high-tech underground 3-D terrestrial survey modeling.
Ronald Coombes states, "our successful work programs have provided target confidence and core drilling will now provide proof to once again make the Providence one of the great Motherlode producers."
History:
The Providence Mines have been sitting idle since 1916.
About Providence Gold Mines Inc.:
Providence Gold Mining Inc. is an advanced-stage gold mine exploration and development company.
For more information, please contact Ronald Coombes, President and CEO of the Company. Click HERE to see "3-D Underground Terrestrial Survey Walk Through" Video
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com
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www.ProvidenceGold.com
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither the OTCQB and or 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.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company's working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company's properties, are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward- looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.