VANCOUVER, British Columbia, March 21, 2018 (GLOBE NEWSWIRE) -- GT Gold Corp. ("GT Gold" or the "Company") (TSX-V:GTT) has closed the previously announced non-brokered private placement for gross proceeds of $6,518,719 (the “Offering”). The Offering involved the issuance of 9,053,495 common shares (and no warrants) at the amended price of $0.72 per share. The Company is very pleased with the support of its existing shareholders as well as the addition of new, long-term oriented investors.
Net proceeds from the financing will be used for exploration (primarily expansion drilling) of the Company’s Saddle gold-silver discovery in B.C.’s Golden Triangle. The Company has a strong balance sheet and is now more than adequately funded for the upcoming 2018 exploration program at Saddle, details of which will be forthcoming in the near future.
The Company has paid finder's fees totalling $186,924 in accordance with the rules and policies of the TSX Venture Exchange. All shares issued in the Offering will be subject to a four-month resale hold period ending July 22, 2018.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws. When used in this news release, words such as "will", "believes", "anticipates" and similar expressions, constitute forward-looking statements, and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators. Readers are cautioned not to place undue reliance on forward-looking information. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Actual results and developments may differ materially from those contemplated by these statements. The Corporation undertakes no obligation to update forward-looking information, except as required by securities law.