Toronto, Ontario--(Newsfile Corp. - April 30, 2020) - Pasofino Gold Limited (TSXV: VEIN) (FSE: N07) ("Pasofino" or the "Company") announces that it is proposing to undertake a non-brokered private placement (the "Offering") pursuant to which it will seek to raise up to $6 million in gross proceeds through the sale of the Company's common shares ("Common Shares"). The Common Shares will be offered at a price of $0.05 per share. The closing price of the Common Shares on the TSX Venture Exchange on April 24th was C$0.045.
The Company intends to use the proceeds of the Offering to earn its interest in, and advance, the Roger Gold Project, located in the world-class Abitibi Greenstone Belt. In addition, the Company intends to use the proceeds to undertake opportunistic investments in one or more advanced stage precious metals projects. The Company is actively considering several advanced stage projects and will provide an update if, as and when advanced.
In addition, the Company announces that it has appointed Mr. Krisztian Toth to the Board of Directors who will also serve as Chairman. Mr. Toth is an experienced mining and M&A lawyer and partner at the law firm of Fasken Martineau. Fasken is a leading international business law and litigation firm with eight offices and more than 700 lawyers across Canada, in the UK, and South Africa. Fasken's Global Mining Group has been #1 ranked globally 11 times since 2005, including for the past five years in a row.
"We are very excited to welcome Krisztian to our Board. We believe his knowledge and experience will be a major asset to the Company as we execute on the Roger Gold-Copper Project and look for additional high-quality precious metal assets," said Stephen Dunn, Interim CEO and Director of Pasofino Gold.
The Company has also granted Mr. Toth 275,000 options to acquire 275,000 Common Shares at a price of $0.05 per Common Share.
About Pasofino Gold Ltd.
Pasofino Gold Ltd. is a Canadian-based mineral exploration company. For further information, please visit www.pasofinogold.com or contact:
Steve Dunn, President & CEO
T: (416) 361-2827
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 news release.
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "seek", "propose", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to identify projects to pursue and acquire, completion of the transactions described herein, the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; the ability of the Company to complete transactions on terms announced; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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