Vancouver, BC, Canada – January 10, 2022 – Gold Line Resources Ltd. (TSX-V: GLDL, Frankfurt: 4UZ, WKN: A2QGWC, OTCQB: TLLZF) (“Gold Line” or the “Company”) announces that it has amended the terms of the non-brokered private placement (the “Private Placement”) announced December 31, 2021. As part of the amended financing terms one ne or more members of the Sprott group of companies have agreed to act as finders in the Private Placement with respect to the sale of 18,750,000 Units, thereby increasing anticipated aggregate gross proceeds to $4 million.
Under the amended terms of the Private Placement, subscribers may now purchase up to 25,000,000 units (the “Units”) at a price of $0.16 per Unit for aggregate proceeds of up to $4,000,000. Each Unit will consist of one (1) common share and one (1) common share purchase warrant (a “Warrant”), with each Warrant entitling the holder thereof to purchase one additional common share (a “Warrant Share”) at a price of $0.25 for thirty-six (36) months from the date of issuance.
The Company will pay finder’s fees of 6% on the gross proceeds of the Private Placement from subscribers introduced by certain finders, and will issue such number of finder’s warrants (“Finder’s Warrants“) as is equal to 6% of the Units sold to such subscribers. Each Finder’s Warrant will entitle the finder to purchase one Warrant Share at a price of $0.16 for twenty-four (24) months from the date of issuance.
Certain insiders of the Company are expected to participate in the Private Placement.
The Private Placement is subject to approval from the TSX Venture Exchange. All securities issued under the Private Placement will be subject to a four month hold period.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available