Mr. Vishal Gupta reports
CALIFORNIA GOLD ANNOUNCES PRIVATE PLACEMENT
California Gold Mining Inc. intends to carry out a non-brokered private placement of up to 4.8 million units at a price of 25 cents per unit for total proceeds of up to $1.2-million. The company reserves the right to increase the size of the offering by an additional 1.2 million units, for total proceeds of up to $1.5-million. Each unit will comprise one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of the company at a price of 50 cents for a period of 24 months following the date of issuance. The warrants will have an acceleration provision whereby if the closing price of the company's common shares on the TSX Venture Exchange is equal to or greater than 60 cents for a period of 10 consecutive trading days, the company will have the right to accelerate the expiry date of the warrants, resulting in the warrants expiring within 30 days from the date of the notice to the warrant holders. The common shares and warrants will be subject to a four-month hold period.
The company intends to use the net proceeds of the offering to complete its continuing resource drill program at the Queen Specimen mineralized zone located on its flagship Fremont property, and for other general corporate purposes.
Insiders of California Gold may subscribe to over 25 per cent of the offering. Closing of the offering is conditional upon compliance with the policies of the TSX Venture Exchange and general corporate and securities laws applicable to the offering. The offering is expected to close in one or more tranches on or before Aug. 8, 2018.
The company may pay finder's fees in accordance with the rules and policies of the TSX Venture Exchange. The offering remains subject to the approval of the TSX Venture Exchange.
About California Gold Mining Inc.
California Gold Mining is focused on developing its 100-per-cent-owned Fremont project in Mariposa county, California. The project consists of an entirely private and patented land package totalling 3,351 acres of historically producing gold mines, with a state highway, PG&E electric substation, and abundant water present on the property itself. The property lies within California's prolific Mother Lode gold belt that has produced over 50 million ounces of gold historically. The company purchased the property in March, 2013.
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