New Carolin Completes $1,116,750 Private Placement
March 9, 2016 / TheNewswire / New Carolin Gold Corp. (the “Company” or “New Carolin”) (TSXV: LAD): Further to its news release of February 03, 2016, the Company is pleased to announce that it has completed its non-brokered private placement of 22,335,000 units in the capital of the Company at a price of $0.05 per unit for gross proceeds of $1,116,750. The placement consists of 6,400,000 flow through units (the “FT Units”) and 16,135,000 non-flow through units (the “NFT Units”) for gross proceeds of $320,000 and $806,750 respectively, which will be issued to qualified subscribers. Each FT Unit consists of one flow-through common share (“FT Share”) and one two-year common share purchase warrant (“Warrant”) entitling the holder to purchase one additional NFT common share at a price of $0.07 per share in the first year and $0.08 per share in the second year following the closing of the placement. Each FT Share will be designated as a flow-through share pursuant to the Income Tax Act (Canada). The proceeds from the sale of FT Shares will be used to fund qualified CEE work on the Company’s exploration program at its Ladner Gold Project in southwestern British Columbia in 2016. Proceeds from the sale of NFT Units will be used for general working capital and corporate purposes. Robert Lunde, a director of the Company, participated in the Unit offering, purchasing 400,000 Units for proceeds of $20,000.
The securities issued under this private placement are subject to a four-month plus one day hold period from their date of issuance. The Company paid aggregate finder’s fees of $57,500 and 1,150,000 share purchase warrants to EMD Financial Inc. and Scarsdale Equities LLC in connection with the private placement. Each finder’s warrant is exercisable for a period of two years following the closing of the placement to purchase one common share of the Company at a price of $0.07 per share in the first year and $0.08 per share in the second year.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our strategic 144 square kilometers of contiguous mineral claims, collectively known as the Ladner Gold Project. The project is located near Hope, BC, in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects.
For additional information, please visit the Company’s website at www.newcarolingold.com.